Tanya Abrosimova
Independent Analyst
- BTC/USD bulls stop short of $5,200.
- The price is sandwiched between strong support and resistance areas.
Bitcoin (BTC) is hovering under $5,200, mostly unchanged since the beginning of the day. The cryptocurrency market has been rangebound with a bullish bias, recovering from the recent downside correction. However, the upside momentum is not strong enough to take the prices out of the ranges.
Bitcoin confluence levels
The strongest technical levels are clustered around the current price, which means that the market will have a hard time taking BTC out of the recent range. However, a sustainable break in either direction is likely to create a strong impulse.
Resistance levels
- A cluster of SMA levels above the current price includes DMA50 4-hour, SMA200 1-hour, DMA10. They are combined with 61.8% Fibo retracement daily and an upper boundary of 4-hour Bollinger Band.
- The next resistance is seen on approach $5,300. It is created by 38.2% Fibo retracement weekly
- The critical barrier $5,400 is strengthened by a Pivot Point 1-week Resistance 1 and Pivot Point 1-day Resistance 3.
Support levels
- Below the current price, the first support area is created by 38.2% Fibo retracement daily and 61.8% Fibo retracement weekly plus midline of 1-hour Bollinger Band.
- It is followed by critical $4,700, strengthened by the middle line of 1-day Bollinger Band
BTC/USD 1D
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin, Ethereum prices struggle after mixed US NFP data
BTC and ETH prices experienced a temporary pullback as crypto market participants reacted to the news of the US NFP data release for May. Similar to the situation in April, the number of Nonfarm Payrolls added far exceeded the market’s expectations.
Solana: A break above $26.30 would spell doom for bears
SOL price has been trading with a bullish bias after an explosive breakout on December 30. However, because of volatility and the gloom in the broader crypto market, SOL has been unable to break above a key hurdle at $26.30, causing the price to trade sideways.
Bitcoin Weekly Forecast: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.
China crypto community picks Ethereum, Arbitrum and BNB Chain as top protocols
Ethereum, Arbitrum and BNB Chain protocols are top picks for the Chinese crypto community, data from a report shows, a possible bullish catalyst for tokens related to these protocols as Hong Kong opens the door of crypto to retail investors.
Bitcoin: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.