Bitcoin Price Prediction – October 23
The Bitcoin price prediction shows BTC bulls moving against the USD at numerous levels which almost touched $62,000.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $68,000, $70,000, $72,000
Support Levels: $54,000, $52,000, $50,000
BTC/USD may be resuming its upward movement after a brief dip a couple days ago bringing the price from $66,650 to $60,000. Today, BTC/USD hit just over $61,700 before retreating to where it is currently trading at $60,917. However, the price of the leading crypto asset is now heading towards the north, in fact, it could return back above the price levels seen a couple of days ago.
Bitcoin Price Prediction: BTC Price Struggles at $60,000, What Next?
According to the daily chart, the Bitcoin price needs to move above the crucial levels above the 9-day moving average to continue the bullish movement. On the upside, as the coin prepares to break above the 9-day moving average, little is in place to prevent correction targeting the key resistance of $63,000 as the technical indicator Relative Strength Index (14) makes a quick turn above 60-level.
However, the first digital asset could bank on the support at $60,000 to ensure that in spite of a reversal, the Bitcoin price stays above the $64,000 level. Similarly, the nearest resistance levels to are located at $68,000, $70,000, and $72,000 while the support levels can be reached at 54,000, $52,000, and $50,000 respectively.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
The 4-hour chart shows that the price is on its way down as the Relative Strength Index (14) is seen moving above 40-level to keep the downtrend. Although bulls have been trying to push the price upward for some time now but the market may likely experience more downtrends if the price slides below the lower boundary of the channel.
Meanwhile, the support level of $59,000 and below may come into play if the price breaks below the channel. However, if the buyers can put more effort to power the market; they can push the price towards the 21-day moving average where it could hit the potential resistance level of $63,000 and above.
Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!
67% of retail investor accounts lose money when trading CFDs with this provider