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.

Tanya Abrosimova Independent Analyst

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

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Bitcoin Price Prediction: BTC/USD recovery stalled on approach to $7,000 - Bitcoin confluence