Bitcoin (BTC) has experienced another bout of volatility on Friday. The price of the first digital coin jumped as high as $6,951 before retreating to $6,650 by press time. Despite the correction, BTC/USD is still 17% higher on a day-to-day basis and 7% higher since the beginning of Friday.
Bitcoin confluence levels
Obviously, Bitcoin’s recovery is capped by $7,000; however, there are also technical barriers clustered below the current price. The further price movements will depend on general market sentiments as well as technical triggers. Let’s have a closer look at the crucial support and resistance levels
After spending an entire week in shambles, the cryptocurrency market has started to wake up to the investors call. The rollercoaster rides last week were mainly driven by the volatility brought about by the Coronavirus pandemic. However, the losses were not unique to the cryptocurrency market as the stock markets in the United States, Europe and Asia plunged in equal measures if not worse.
ETH/USD jumped as high as $152.50 on Friday before retreating to $148.00. The second-largest digital asset has gained over 8% since the beginning of the day and nearly 23% on a day-to-day basis, moving in sync with the market. The bullish sentiments helped the coin to settle above the upper line of 1-hour Bollinger Band, however, the further upside may be limited at this stage, as the asset is deeply overbought at least on the intraday charts.