Bitcoin Price Prediction: BTC/USD could easily jump to $8,400 following consolidation above $8,000

Bitcoin, alongside other major cryptocurrencies, is facing growing selling activity on Monday. The action last Friday retook the $8,000 support from lows close to $7,600. However, the gains lost steam at $8,200. At the time of writing, BTC is trading at $8,098 in the wake of the 1% loss on the day.

Although Bitcoin is wrapped in tight bearish hands, strategists at JP Morgan say that the soon to launch options on CME Group will revive the action to the upside. The futures contract market continues to gain traction in the market by allowing institutional investors to participate in regulated buying and selling of cryptocurrencies.

Bitcoin confluence levels

The confluence tool shows Bitcoin battling key resistance at $8,137 highlighted by the Fibonacci 38.2% one-day, SMA 50 1-hour, SMA 10 4-hour, SMA 200 15-mins, Bollinger Band 15-min upper and SMA 5 4-hours. Moving past this resistance will open the upside allowing Bitcoin to ride smoothly towards $8,400.

On the downside, Bitcoin is initially supported at $8,053 as shown by the BB 1-hour lower, previous low 1-hour, SMA ten 15-minutes, and the previous low 15-mins. In case the losses proceed below $8,000, support highlighted at $7,884 and $7,800 will come in handy.

More confluence levels