Bitcoin Price Prediction: Soars above $7,000 as Bakkt BTC volume hits new ATH – Confluence Detector
|- Bitcoin jumps above $7,000 and extended the bullish leg close to $7,500.
- Bakkt Bitcoin futures volume hit an all-time high of 6,312 BTC up from November’s 5147 BTC.
Bitcoin reacted incredibly well following a couple of weeks characterized by constant bearish battering. The recent low in October came to the rescue of the bulls who amassed the strength to push Bitcoin above $6,800 and $7,000 resistance zones. The breakout gained momentum with Bitcoin testing $7,500 to the upside.
Bakkt Bitcoin daily volume hits a new all-time high
Amid the soaring Bitcoin price, the new Bitcoin futures contract platform, Bakkt recorded an impressive volume. The platform has continued to gain interest in the market following a poor start in September that saw it record a 71 BTC daily trading volume. According to Bakkt Volume Bot, the platform spiked to an all-time high of 6,312 BTC ($45.56 million). The previous all-time high was in November at 5147 BTC ($38.74 million).
Bitcoin confluence levels
Meanwhile, Bitcoin upside is facing stacks of resistance starting with $7,167. Several indicators converge here including the previous high 15-minutes, SMA ten 15-mins, SMA 50 15-mins and the Bollinger Band 15-mins middle curve. Further correction north will come face to face more hurdles as displayed by the confluence tool ranging from $7,241, $7,315, $7,464 and $7,760. The major resistance zone is seen at $7,909 as highlighted by the pivot point one-week resistance one.
Bitcoin correction from the recent high close to $7,500. The bulls have tried holding the price above $7,100. However, in case selling pressure increases, Bitcoin could test the key support at $7,093. Extended correction south will seek refuge at $7,019, $6,870 and $6,574.
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