Bitcoin's Rise Faces A 'Rare Confluence Of Technical Obstacles'

Bitcoin's Rise Faces A 'Rare Confluence Of Technical Obstacles'

Bitcoin's BTC/USD price increase is now facing a thick wall that may be hard to break.

What Happened: According to a Friday Bloomberg report, Bitcoin's price increase of about 63% since July "now faces a rare confluence of technical obstacles."

More precisely, multiple technical indicators paint obstacles for the coin's rising price at the same price level.

According to the report, April's low of about $47,000 is now acting as a resistance, as well as a Fibonacci and Ichimoku cluster between $47,000 and $48,000.

Read also: Putting Crypto In Your Retirement Account Might Be A Bad Idea, Analysts Think

Furthermore, the 61.8% Fibonacci retracement of the April to June downtrend also suggests that the $51,000 level will act as a resistance as well.

Senior market analyst for North America at Oanda Corp. Edward Moya expects Bitcoin to consolidate between $45,000 and $48,000.

Price Action: According to CoinMarketCap data, Bitcoin is trading at $48,694 at press time, gaining 6.41% over the last 24 hours.

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