TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

Bitcoin Price Forecast: BTC/USD bears consolidate price below $11,700 – Confluence Detector

  • BTC/USD faced bearish correction, following a heavily bullish Sunday.
  • The daily confluence detector shows one healthy support level at $11,615,
Bitcoin Price Forecast: BTC/USD bears consolidate price below $11,700 – Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD daily confluence detector

fxsoriginal

BTC/USD faced bearish correction following a heavily bullish Sunday. In the process, the price has dropped below the $11,700-level, going down from $11,713.90 $11,684.15. As per the daily confluence detector, there is a strong resistance level at $11,725, which has the one-day Fibonacci 23.6% retracement level and one-day Bollinger Band middle curve. On the downside, we have one healthy support at $11,615, which has the one-day SMA 10, daily Pivot Point support-one, one-day and one-week Fibonacci 61.8% retracement levels.
 

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

More from Rajarshi Mitra
Share:

Editor's Picks

Ripple and Stellar outlook: Remain under bearish pressure as corrective declines cap upside

Ripple and Stellar outlook: Remain under bearish pressure as corrective declines cap upside

Ripple and Stellar remain under pressure as broader market uncertainty and weak technical momentum weigh on both altcoins. XRP is hovering below the key $1 mark on Tuesday while XLM continues its corrective decline below $0.157.

Crypto Market Overview: Bitcoin rebounds while Polygon, Zcash lead gains

Crypto Market Overview: Bitcoin rebounds while Polygon, Zcash lead gains

The broader cryptocurrency market shows a mild easing in the persistent risk-off sentiment, with Bitcoin rising above $64,000. Polygon and Zcash have emerged as top performers over the last 24 hours, with bulls eyeing further gains. CoinMarketCap’s Fear and Greed Index at 40 on Tuesday suggests a mild recovery from risk-averse conditions.

US Treasury seeks public comments on proposed rules implementation under GENIUS Act

US Treasury seeks public comments on proposed rules implementation under GENIUS Act

The US Department of the Treasury is seeking public opinion on its proposed framework for implementing key provisions of the Guiding and Establishing National Innovation for US Stablecoins Act, which establishes a regulatory framework for stablecoins.

Ethereum Price Forecast: BitMine sees tokenization driving ETH outperformance against Bitcoin

Ethereum Price Forecast: BitMine sees tokenization driving ETH outperformance against Bitcoin

Ethereum (ETH) treasury firm BitMine Immersion Technologies (BMNR) predicts that tokenization and agentic-AI could push the top altcoin to outperform Bitcoin (BTC) in the coming cycle. BitMine continued its stock buybacks coupled with mild ETH acquisitions last week.
Bitcoin: Hormuz uncertainty clouds BTC outlook

Bitcoin: Hormuz uncertainty clouds BTC outlook

Bitcoin (BTC) trades around $62,900 at the time of writing on Friday, down over 3% so far this week amid cautious institutional demand and persistent geopolitical uncertainty. While BTC shows signs of stabilization, elevated Oil prices and tensions in the Strait of Hormuz continue to weigh on risk sentiment, keeping the Crypto King’s near-term outlook under pressure.