Bitcoin Price Prediction: BTC/USD takes another shot at $6,500, is $7,000 the ultimate goal? - Confluence Detector

Bitcoin price stabilizes in the $6,400 range, awaiting a breakout above $6,500.
A rally is anticipated after taking down resistance at $6,500 but selling activity at $6,646 and $6,698 must be dealt with.

John Isige FXStreet

Bitcoin price bulls have adamantly stayed in the driver seat even after a rejection at $6,525. Besides, support at $6,400 has proved vital to the ongoing recovery. Buyers are intentional on revenging the losses suffered over the weekend and pulling BTC/USD towards $8,000.

BTC/USD is trading at $6,496 after the price corrected higher by 1.5% on the day. Strongly bullish momentum is contributing to nurturing an uptrend targeting $7,000 in the short-term. The daily chart also shows Bitcoin price trading within the confines of a rising triangle. A break above $7,000 would culminate in a triangle breakout likely to close in on $8,000.

BTC/USD daily chart

BTC/USD confluence levels

According to the confluence detector tool by FXStreet, smooth sailing is expected towards $7,000 once the initial hurdle at $6,516 is cleared. Some of the key indicators in this zone are the previous high 15-minutes and the previous high 1-hour. The trajectory to $7,000 will, however, have to deal with some selling activities at $6,646 and $6,698 respectively. Highlighting the first zone is the previous high one-day while the latter is home to the Fibonacci 23.6 one-week and the Bollinger Band 4-hour upper curve.

On the downside, Bitcoin is firmly supported, starting with the support at $6,490 as shown by the SMA five 15-mins, the previous low 15-mins and the Fibonacci 38.2% one-week. The next key support is observed at $6,334 - $6,308 as highlighted by the Fibo 38.2% one-day, the SMA Fibo one-day and the Bollinger Band 1-hour lower curve. Further down, $6,204 is the former support likely to act as the last resort for preventing a drop under $6,000.

Author

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

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

Dogecoin ticks lower as low Open Interest, funding rate weigh on buyers

Dogecoin extends its decline as risk-off sentiment dominates across the crypto market. DOGE’s derivatives market remains weak amid suppressed futures Open Interest and perpetual funding rate.

Crypto Today: Bitcoin, Ethereum, XRP decline as risk-off sentiment escalates

Bitcoin remains under pressure, trading above the $87,000 support at the time of writing on Tuesday. Selling pressure has continued to weigh on the broader cryptocurrency market since Monday, triggering declines across altcoins, including Ethereum and Ripple.