Bitcoin Price Prediction: BTC/USD Could Suffer More Below $62,000 Level
Bitcoin Price Prediction – October 30
The Bitcoin price is holding the $61,000 support zone and it must clear the $65,000 resistance to move into a positive zone.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $68,000, $70,000, $72,000
Support Levels: $56,000, $54,000, $52,000
During this period, BTC/USD is facing down with 1.27% in the value. It is likely to retain this bearish vibe in the near term as the technical indicator Relative Strength (14) moves to cross below the 60-level, shifting focus from the upward trend which may begin to create a new trend towards the south. At the time of writing, the price of Bitcoin is hovering at $61,487.
Bitcoin Price Prediction: BTC Price May Consolidate Below $65,000
As the Bitcoin price focuses on the downward movement, the critical support at $61,000 may be tested as the price consolidates. Failure of the noted support may likely see the price crossing below the 9-day and 21-day moving averages as this area is likely to slow down the correction and serve as a jumping-off ground for another recovery attempt. However, if this is out of the way, the support level of $56,000, $54,000, and $52,000 may come into focus.
Furthermore, as the daily chart reveals, Bitcoin is trading at $61,487 amid a building bullish momentum. More so, BTC/USD is still fighting to correct the subtle bearish movement, and the bullish trend coupled with the right volume and high volatility level is the right ingredient for the recovery to $68,000 in other to resume its upward movement towards $68,000, $70,000, and $72,000 resistance levels.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
Checking the 4-Hour chart, BTC/USD is currently trading within the 9-day and 21-day moving averages. However, BTC price hovers around $61,435 and may take time to persistently trade above $63,000. The upward movement may likely cross above the upper boundary of the channel if the bulls regroup again.
However, on the downside, the price could fall below $60,000 if the bears put more pressure on the market, a further movement could test the critical support at the $59,500 level and below. The technical indicator Relative Strength Index (14) keeps moving around 45-level, indicating a sideways movement.
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