- Bitcoin settles in consolidation between $9,300 and $9,400 following the weekend rejection at $9,600.
- Bitcoin is the scarcest currency in the entire world and will pave the way to the most diverse global economy.
Bitcoin is in a range motion on Monday after failing to sustain gains above $9,300 over the weekend. On the contrary, selected altcoins such as Ethereum Classic, Tezos and Iota are mooning. Iota is the most bullish following the more than 17 surge on a day to day basis.
The most-traded digital asset, Bitcoin is struggling to stay afloat despite the shrinking volatility levels. It has corrected higher just 0.25% on the day. The teetering between $9,300 and $9,400 is likely to continue in the near term. This means that resistance at $9,500, and $9,600 will stay in place.
Bitcoin is the scarcest currency in the world
Parker Lewis, the head of business development at Unchained Capital, a cryptocurrency lending platform in a blog post said that there isn't any other currency in the world that is scarcer than Bitcoin. Parker said that Bitcoin is creating a stepping stone for “the most diverse economy that has ever existed.”
Bitcoin confluence levels
As far as confluence levels are concerned, Bitcoin is facing the first resistance at $9,396. The zone is host to a cluster of indicators including the Fibo 61.8% daily, SMA 200 15-minutes, the Bollinger Band 4-hour and the 100 SMA 1-hour among others. On breaking this resistance, the bulls would have neutralized the prominent hurdle to $10,000. However, they cannot underestimate the seller congestion at $9,493, $9,590 and $9,882.
When it comes to the confluence support levels, it is correct to say that BTC/USD is properly supported with support zones ranging from $9,299, $9,404, $8,910 and $8,618.
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