Bitcoin Price Prediction: BTC/USD recovery stalled on approach to $7,000 - Bitcoin confluence
- BTC/USD bulls struggle at the key resistance zone.
- Important local support is created by $6,000 level.
Bitcoin (BTC) has experienced another bout of volatility on Friday. The price of the first digital coin jumped as high as $6,951 before retreating to $6,650 by press time. Despite the correction, BTC/USD is still 17% higher on a day-to-day basis and 7% higher since the beginning of Friday.
Bitcoin confluence levels
Obviously, Bitcoin's recovery is capped by $7,000; however, there are also technical barriers clustered below the current price. The further price movements will depend on general market sentiments as well as technical triggers. Let's have a closer look at the crucial support and resistance levels
Resistance levels
$7,000 - upper boundary of 15-min Bollinger Bands, 61.8% Fibo retracement weekly
$7,150 - Pivot Point 1-month Support 2
$7,250 - the middle line of the daily Bollinger Band
Support levels
$6,450 - SMA10 1-hour, the highest level of the previous day
$6,150 - 23.6% Fibo retracement daily
$6,000 - 38.2% Fibo retracement daily.
BTC/USD 1-day
Author
Tanya Abrosimova
Independent Analyst
