Bitcoin Price Prediction: BTC/USD calms down above $7,100 as bulls hit pause button - Bitcoin confluence

BTC/USD bulls managed to take the price above the critical $7,000.
Important resistance is created by SMA50 daily above $7,500.

Tanya Abrosimova Independent Analyst

Bitcoin (BTC) broke free from the recent range and the upside momentum is gaining traction. Now that BTC/USD settled above $7,000, crypto bulls set their eyes at $7,500, which is the next critical resistance for the first digital coin. Bitcoin's market value reached $129 million, which is 65.2% of the total market capitalization.

Bitcoin confluence levels

There are a lot of strong technical barriers clustered below the current price, which means, Bitcoin bulls might have a chance to build a sustainable recovery momentum. The downside is the path is cluttered with barriers that may prevent the bearish correction.

Resistance levels

$7,200 - 61.8% Fibo retracement monthly
$7,400 - Pivot Point 1-week Resistance 1
$7,550- - SMA50 daily

Support levels

$6,900 - 23.6% Fibo retracement weekly, SMA10 1-hour, the highest level of the previous day
$6,800 - 38.2% Fibo retracement daily, SMA200 4-hour, SMA5 daily
$6,500 - SMA10 daily

BTC/USD, 1-day

Author

Tanya Abrosimova

Independent Analyst

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Bitcoin Price Prediction: BTC/USD calms down above $7,100 as bulls hit pause button - Bitcoin confluence