|

Bitcoin price prediction: BTC/USD recovery halted, downside still in danger – Confluence detector

  • Bitcoin’s reject at $8,500 hinders recovery but opens the road for declines towards $8,000.
  • If the tentative support at $8,024 fails to hold, chances of refreshing of $7,700 support are very high.

Bitcoin is among the daily losers on Wednesday following the rejection from levels just above $8,500. The correction from the lows formed marginally above $7,700 initially stepped above $8,000 before extending the bullish leg to a weekly high of $8,530. At the time of writing Bitcoin is trading at $8,221 amidst a growing bearish momentum.

Elsewhere in the cryptocurrency market, the Libra Association has scheduled a meeting with its partners on Thursday. The meeting will take place in Washington D.C and is expected to discuss the Libra Charter. Ahead of the meeting, the Wall Street Journal reported that Visa and Mastercard and other unnamed partners are getting cold feet over their involvement with Libra.

Bitcoin confluence levels

According to the confluence levels in a daily range, the first support is seen at $8,195. The buyer congestion zone is home to the pivot point one-day support one, simple moving average 100 one-hour and Bollinger Band four-hour middle.

Further down, the next support level is seen at $8,024 and it will try to prevent a breakdown below $8,000. Forming the confluence are the Fibonacci retracement level 161.8% one-day and the pivot point one-day support two. Additional dips towards $7,500 will find refuge at $7,767 as highlighted by the previous week low.

On the upside, the most significant barrier is placed at $8,367. The cluster of indicators forming the resistance at this level consists of the 61.8% daily, Bolling Band 61.8% one-day, SMA five four-hour, SMA 10 four-hour SMA 50 four-hour and the previous high four-hour.

Glancing higher, correction towards $9,000 will find hard time at these zones: $8,538, $8,709 an $8,966.

More confluence levels

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

More from John Isige
Share:

Editor's Picks

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple’s (XRP) correction on Monday is deepening below $1.30, reflecting growing headwinds in the broader cryptocurrency market. Based on the token’s technical picture, the path of least resistance could stay downward until the $1.30 supply area flips into support.

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin hovers around $80,500 on Monday after three straight weeks of correction. Rising geopolitical tensions in the Middle East continue to push oil prices higher, stoking inflation concerns and dampening risk appetite.

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Cryptocurrency prices are broadly correcting on Monday, led by Bitcoin’s five-day sell-off. Ethereum edges lower and trades around $2,325, as sellers build momentum to retain control over the trend. Meanwhile, Ripple shows signs of consolidating.

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network trades around $0.075 on Monday, holding steady after two consecutive days of roughly 2% losses, resulting in the lowest weekly close ever. Pi Network rolled out desktop version 0.6.4 on Thursday, focused on improving remote access and security for local AI apps.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.