- 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
-637141529925200803.png)
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.
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.
Recommended Content
Editors’ Picks
Pro-crypto French Hill selected as Chairman of the House Financial Services Committee
Republicans selected French Hill as the new Chairman of the House Financial Services Committee. Hill is a crypto supporter and spearheaded the FIT21 bill for crypto regulations. French Hill will be replacing Chair Patrick McHenry, who is retiring from office.
Ethereum could see new all-time high above $5,000, on-chain data signals bullish momentum
Ethereum is up 1% on Thursday as it aims to tackle the selling pressure near the $4,000 psychological level. On-chain data shows that ETH has begun seeing increased bullish momentum, which could push its price to a new all-time high above $5,000.
Crypto Today: Bitcoin price tops $102K as Trump’s firm acquires Ethereum and Chainlink
Cryptocurrency market valuation broke $3.5 trillion Thursday, up 9.4% since Tuesday's market crash halt. In the last 24 hours, 104,700 traders liquidated $172.7 million in long contracts, accounting for 58% of the $298.5 million total liquidations.
Shiba Inu Price Prediction: SHIB set for $0.00004000 breakout as ETH leads market recovery
Shiba Inu price has rebounded 22% from its 14-day low of $0.00002400 recorded during the crypto market dip on Tuesday. With the Ethereum ecosystem attracting rapid capital inflows, is SHIB on the verge of a major breakout?
Bitcoin: BTC reclaims $100K mark
Bitcoin (BTC) reclaimed the $100K level, trading near $100,100 on Friday after a recent decline earlier this week. The recent pullback in BTC was mostly due to high-leverage traders and some holders booking profits. Despite Microsoft’s rejection of adding Bitcoin to the company’s balance sheet, institutional demand remained strong, recording a total inflow of $1.72 billion until Thursday.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.