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

Bitcoin price prediction: BTC/USD $7,000-level crumbles as price sinks - Confluence Detector

  • The price is capped by strong resistance levels on the upside.
  • On the downside, healthy support is at $6,750.
Bitcoin price prediction: BTC/USD $7,000-level crumbles as price sinks - Confluence Detector
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD daily confluence detector

fxsoriginal

BTC/USD has had a heavily bearish Monday, wherein its price fell from $7,114.35 to $6,887. The path back into the $7,000-zone is hindered by several strong resistance levels. 

The resistance levels lie at $6,900, $6,945, $7,010, $7,090 and $7,100. $6,900 has the 15-min Bollinger Band upper curve, daily Fibonacci 23.6% retracement level and four-hour Bollinger Band lower curve. $6,945 has the daily Bollinger Band lower curve and daily Fibonacci 38.2% retracement level. $7,010 has the five-day Simple Moving Average (SMA 5), while $7,090 has the Previous Week low. Lastly, $7,100 has the SMA 5 and the four-hour Bollinger Band middle curve. 

The $6,750 support level has the one-week Pivot Point support-two.  
 

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

Aave Price Forecast: AAVE surges as capital flows return to DeFi

Aave Price Forecast: AAVE surges as capital flows return to DeFi

Aave (AAVE) extends its rally, trading above $81 on Thursday after closing above its key resistance and surging more than 10% the previous day. The bullish move is supported by improving on-chain metrics, with USDT deposits flowing back into the protocol and strengthening its lending ecosystem.
Crypto Market Overview: Bitcoin tests $60,000 as whales sell off – Aave and Jupiter show resilience

Crypto Market Overview: Bitcoin tests $60,000 as whales sell off – Aave and Jupiter show resilience

The broader cryptocurrency market remains under intense selling pressure, with Bitcoin back at $60,000 for the third time this year. On-chain data shows selling pressure from large-wallet investors, commonly referred to as whales, while total liquidations hit nearly $1 billion in 24 hours.

XRP Price Forecast: Ripple and SBI Group partner to launch RLUSD in Japan

XRP Price Forecast: Ripple and SBI Group partner to launch RLUSD in Japan

Ripple remains under pressure, trading at $1.06 after losing nearly 5% so far this week. Ripple and SBI Group partnered to launch RLUSD stablecoin in Japan following approval from the Japan Financial Services Agency on Thursday, but the move failed to lift sentiment.

Ethereum Price Forecast: ETH could see a 30% decline if history repeats​

Ethereum Price Forecast: ETH could see a 30% decline if history repeats​

Ethereum (ETH) has fallen toward the $1,600 level, down over 3% on Wednesday as risk-off signs persist across key onchain metrics. The ETH Realized Price Lower Band, which has historically marked bear market bottoms for the top altcoin, suggests ETH has room for further downside before staging a proper upward move.
Bitcoin: Recovery hopes fade after the Fed spoils the party

Bitcoin: Recovery hopes fade after the Fed spoils the party

Bitcoin (BTC) is set to end the week in the red, trading near the 200-Week Simple Moving Average (SMA) at around $62,300 on Friday. Institutional selling persists, capping BTC’s recovery as spot Exchange Traded Funds (ETFs) point to a sixth consecutive week of outflows.