Bitcoin Price Prediction: BTC/USD faces setbacks in the journey to $9,000

Calm in the Middle East sees stock markets stabilize as Bitcoin, gold and oil bleed.
Bitcoin returns under $8,000 but the bulls focus on the journey to $9,000.

Bitcoin price is trading significantly higher compared to the lows recorded in December at $6,500. The rejection from the recent high at $8,464 has dealt a blow on the surge from the support established at $7,800. Similarly, the trajectory towards $9,000 is also facing setbacks amid the bearish and volatile cryptocurrency market.

An observation of the daily chart reveals Bitcoin facing a strong line of resistance that has been descending against the uptrend since the highs posted last June around $13,800. Also contributing to the reversal is calm in the Middle East.

BTC/USD daily chart

Although Iran retaliated against the US by sending a dozen missiles against a couple of US military airbases, the US President, Donald Trump said that all is well as there were no casualties. Trump added that Iran seems to be backing down while emphasizing the military prowess of the United States.

As the tension eases between the two conflicting nations, the stock markets are beginning to stabilize. However, Bitcoin, oil and gold are posting losses, a direct indication that investors are moving their funds back into the stock market.

Bitcoin confluence levels

As far as confluence support and resistance levels are concerned on Thursday, Bitcoin is strongly supported. The initial support at $7,871 is home to the previous low one-day. It is followed closely by the support at $7,789; an area highlighted by the previous month high, pivot point one-day support one and the Bollinger Band one-hour lower. The most significant zone with the highest congestion of buyers is $7,295 while other key support zones include, $7,130 and $6,966.

Although the recovery towards $9,000 is facing setbacks, they are just but temporary. The path above $8,000 remains relatively smooth with minor resistance hurdles at $8,118, $8,529 and $8,612.

More confluence levels

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.