Bitcoin Price Prediction: BTC/USD consolidates above $5,000

Bitcoin price in the green on Sunday after a gruesome week. The entire cryptocurrency market was on a seesaw this week led by Bitcoin price with its dive under $4,000. The bleeding has slowed down since Friday but significant recovery is still at bay.

BTC/USD is teetering at $5,250 at the time of writing. It has grown 1.57% on the day but the prevailing trend is bearish amid low volatility levels. The price has been stable above $5,000 with Bitcoin pushing for consolidation above $5,000. The 50 SMA on the 1-hour chart is the immediate resistance. In the same range, the 100 SMA at $6,000 is the third resistance zone after $5,500.

Bitcoin price confluence level

Support one: $5,105 – Previous low 1-hour and Fibonacci 23.6% one-week.

Support two: $4,941 – Pivot point one-day support one.

Support three: $4,723 – Pivot point one-day support two.

Resistance one: $5,323 – Bollinger band one-week hour middle, Fibonacci 38.2% one-day and BB 15-mins upper curve.

Resistance support two: Pivot point one-month support.

Resistance two: $5,813 – Fibo 38.2% one-week.