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

Bitcoin price prediction: Bears dominate Tuesday following a heavily bullish Monday

  • BTC/USD has gone down from $11,810 to $11,657 in the early hours of Tuesday.
  • Daily confluence detector shows only one prominent resistance level of note.
Bitcoin price prediction: Bears dominate Tuesday following a heavily bullish Monday
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD has had a bearish start to Tuesday, as the price fell from $11,810 to $11,657 in the early hours of Tuesday. This follows a heavily bullish Monday, wherein the price went up from $10,980 to $11,815. The hourly price breakdown shows that price went up to $11,884.50 when the bears stepped in and took the price down to $11,730. The bulls re-entered the fray and took the price up to $11,809 before the bears checked it to $11,654.

BTC/USD daily confluence detector

fxsoriginal

The daily confluence detector shows two healthy support levels at $11,590 and $11,630. $11,590 has the 1-day Fibonacci 38.2% retracement level, while $11,630 has the 1-month Fibonacci 61.8% retracement level. On the upside, the only resistance level of note is at $11,665, which has 1-week pivot point resistance 2 and 15-min previous low.
 

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

Has Bitcoin really escaped the macro forces it was built to fight?

Has Bitcoin really escaped the macro forces it was built to fight?

Over 17 years ago, Satoshi Nakamoto designed Bitcoin on the back of a global financial crisis as an alternative to the global monetary system outside the control of central banks, governments and traditional intermediaries. This raises a key question: has Bitcoin really become independent of the macroeconomic forces it was built to challenge?

Ethereum activates Glamsterdam on Sepolia testnet: Why the price is falling anyway

Ethereum activates Glamsterdam on Sepolia testnet: Why the price is falling anyway

Ethereum (ETH) has reached a key milestone in its next major network upgrade. The planned changes aim to improve Ethereum’s Layer 1 capacity and efficiency as network activity grows. The development comes as ETH retreats toward $2,500.

Bitcoin Weekly Forecast: Uptober or Rektober?

Bitcoin Weekly Forecast: Uptober or Rektober?

Bitcoin (BTC) price is down over 4% so far this week, trading below $83,000 at the time of writing on Friday as mounting selling pressure threatens to derail the seasonal “Uptober” rally. Profit-taking, a surge in long liquidations and weakening demand from institutional investors are weighing on BTC.

Ripple bulls gather recovery momentum amid returning ETF inflows

Ripple bulls gather recovery momentum amid returning ETF inflows

Ripple (XRP) trades largely in bearish hands on Friday near $1.40. Although the remittance token has stabilized after a sharp sell-off from weekly highs of $1.53 to lows around $1.32, the path of least resistance remains downward, unless buyers affirm a daily close above the pivotal $1.40 level.

Bitcoin: Uptober or Rektober?

Bitcoin: Uptober or Rektober?

Bitcoin (BTC) price is down over 4% so far this week, trading below $83,000 at the time of writing on Friday as mounting selling pressure threatens to derail the seasonal “Uptober” rally. Profit-taking, a surge in long liquidations and weakening demand from institutional investors are weighing on BTC.