|

Bitcoin price prediction: One more hurdle and BTC/USD rallies above $11,600 – Confluence Detector

  • The long-awaited ICE-backed exchange Bakkt has opened its custody service, Bakkt Warehouse.
  • Bitcoin price hovers above $10,000 although upside movement is extremely limited.
  • Bitcoin is expected to sharply correct upward following a break above the main resistance at $10436.

The cryptocurrency market is mixed red and green. Bitcoin is struggling to correct the negative retracement on the day after sliding 0.54%. Ethereum and Ripple are slightly bullish posting minor gains on the day. The selected cryptoasset leading the recovery on Tuesday is Litecoin which is up 2%.

The long-awaited ICE-backed exchange Bakkt has opened its custody service, Bakkt Warehouse in readiness for Bitcoin futures. The announcement made on Monday via Twitter said that “Bitcoin deposited at our Warehouse is protected by a $125 million insurance policy.” The exchange is set go live with physically settled Bitcoin futures on September 23.

Bitcoin price technical picture

fxsoriginal

Bitcoin price hovers above $10,000 although upside movement is extremely limited. As to whether to the launch of the physically-delivered Bitcoin futures will result in improved Bitcoin performance is a situation that will wait to be seen.

However, the confluence detector tool places the first resistance at $10,329. There is a cluster of indicators at this level including the SMA 15-mins, previous high 15-mins, SMA 5 1-hour, Bollinger Band 15-mins Upper, SMA 100 15-mins, BB 1-hour middle among others.

Read also: Bitcoin will “be over $20k by year-end” predicts ShapeShift CEO Erik Voorhees

Trading above this level should be a call for celebration as when glancing the reinforced resistance must be dealt with at $10,436.78. Converging here to from the confluence is the BB 4-hour middle, Fibonacci 38.2% 1-week, SMA 5 daily, SMA 50 daily, SMA 200 1-hour and SMA 100 1-hour among others.

We can expect impressive performance for Bitcoin following a break above $10,436.78. However, minor resistances are visible at $10,864, 10,970, 11,078 and $11,612.41.

Towards $10,000 the only viable support area is $10,223. Highlighted here is the Bollinger Band 1-hour, previous low 4-h BB 15-mins lower and SMA 100 daily among others. The other slightly stronger support zones are $10,009, $9,688 and $9,368.

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

Cardano Price Forecast: Approaches critical support as correction risks grow
Cardano (ADA) recovers slightly, trading at $0.206 at the time of writing on Friday, inches above the critical support zone after losing more than 6% so far this week. Weakening derivatives data and fading bullish momentum suggest a bearish near-term outlook, with a decisive close below the support zone potentially triggering a deeper correction for ADA.
Crypto Overview: Bitcoin slips below $77,000 – Raydium, Falcon Finance hold gains

Bitcoin price trades below $77,000 on Friday, extending its capitulation from the previous week’s high at $82,300. Broader market consensus points to a higher likelihood that the US Federal Reserve could raise interest rates at the September meeting, as inflation concerns rise amid the war with Iran.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC pullback, ETH stalls, XRP weakens
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) remain under pressure on Friday as the broader cryptocurrency market extends its losses over 4%, 2.5% and 5%, respectively, this week.
Ethereum Price Forecast: ETH holds above $2,400 as PPI data strengthens rate hike expectations
Ethereum (ETH) is down 0.7% on Thursday as the second-largest cryptocurrency looks to recover from earlier pressure following the release of stronger US inflation data. The Producer Price Index (PPI) for final demand rose 0.4% in August, matching market expectations after a revised 0.1% increase in July, according to the US Labor Department.
Bitcoin: Gearing up for a sharp move
Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.