Bitcoin price prediction: BTC/USD needs $10,200 to blast towards $11,000 – Confluence Detector

A newly released research by Arcane Research says that Bitcoin dominance is at 90% and not 70% as has been widely accepted. The report is published by Forbes is causing quite a stir in the market. Besides, not long ago another research claimed that the majority of cryptocurrency exchanges exaggerate their reported trading volumes.

According to Arcane Research, market dominance cannot be accurately calculated while ignoring the liquidity of the asset, in this case, the trading volume.

More on that story:

In other news, the general partner at Blockchain Capital Spewncer Bogart says that Bitcoin will, in the long run, become a safe haven. He adds that Bitcoin is going to be worth more in the next five years compared to its value today.

Bitcoin confluence levels

Bitcoin managed to recover above $10,000 but the next hurdle at $10,200 remains unconquered. The confluence tool shows that Bitcoin is above the resistance at $10,053. This same level will now function as support. The various indicators converging at the zone include the previous high 1-hour, SMA 5 15-mins, previous high 4-hour, Fibonacci 23.6% 1-day and the previous low 15-mins.

BTC/USD ability to trend to the next significant resistance at $10,788 depends on $10,263 hurdle being conquered. Highlighting the confluence at $10,263 is the Fib 38.2% 1-day, SMA 50 1-hour, and the 200 SMA 15-mins. Both the SMA 50 daily and the 62.8% Fib level weekly form the resistance at $10,788.

On the downside, other support levels in line to cushion a potential drop are $9,948, $9,737 and $9,107.

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