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6 June 2023
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Bitcoin Price Prediction: BTC/USD is only one bump away from $10,500 – Confluence Detector

  • Bitcoin is facing increased selling pressure at $9,825; delaying possible breakout to $10,500.
  • BTC/USD is trading in a safe zone between support at $9,600 and resistance at $9,900.

The digital market is mixed red and green mid through the week’s trading. Bitcoin made another attempt to reclaim the position above the critical $10,000. The brief surge from levels under $9,700 stalled marginally above $9,800. For now, the resistance at $9,900 is worrying the buyers as it has been tested twice. BTC/USD is barely holding above the opening value of $9,779 as it exchanges hands at $9,781. Meanwhile, the trend is mainly bearish but the low volatility puts forward that rapid price action would remain at bay.

The daily chart indicates that consolidation would continue to dominate in the market. Bitcoin has a narrow window of $300 (I consider it a safe zone for the bulls). Support has been established at $9,600 while extreme resistance lies with $9,900. The RSI is horizontal at 55; the indicator has been sustaining the sideways trend in this zone for over a week. On the other hand, the MACD holding in the positive region, further emphasizing the influence buyers have on the price. It is apparent that there is enough energy to hold Bitcoin above $9,600, however, they lack the power to deal with the bearish activities at $9,900 and $10,000.

BTC/USD daily chart

BTC/USD price chart

Bitcoin confluence support resistance levels

Resistance one: $9,825 – Highlights the previous 1-hour, Bollinger Band 15-minutes upper, previous high 15-minutes, the Bollinger Band 1-hour upper and the previous high 4-hour.

Resistance two: $10,130 – Hosts the pivot one-day resistance two and previous month high.

Support one: $9,621 – Home to the pivot one-day support one and the Fibo 23.6% one-month.

Support two: $9,520 – Highlights the SMA 100 4-hour, pivot point one-day –support two and Bollinger Band one-day middle.

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