Bitcoin Price Prediction: BTC/USD Swings Above $55,000 Resistance
Bitcoin Price Prediction – October 6
The Bitcoin price restarts the uptrend after touching the daily low of $50,416 to hit the daily high of $55,416.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $60,000, $62,000, $64,000
Support Levels: $46,000, $44,000, $42,000
BTC/USD looks green today as the price hovers above the resistance level of $54,000 from the low of $50,416. However, a daily close above the $55,000 level can continue to increase the Bitcoin price to $58,000. However, traders should note that a consistent price increase may bring more buyers into the market as bulls increase their positions.
Bitcoin Price Prediction: Price May Continue to Break Higher
In the past few hours, after the Bitcoin price touches the daily high of $55,300, the first digital asset is now looking forward to touch another resistance level of $58,000. Moreover, the daily chart reveals that if the 9-day moving average remains above the 21-day moving average, it will keep the coin at the upside.
Meanwhile, the bears may take advantage to break the $52,000 level if the bulls fail to move the price above the upper boundary of the channel. Meanwhile, the technical indicator Relative Strength Index (14) is likely to cross into the overbought region. More so, if the Bitcoin price crosses above the channel, it could hit the resistance levels of $60,000, $62,000, and $65,000 but facing the south may bring the price to the supports at $46,000, $44,000, and $42,000.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
According to the 4-hour chart, the Bitcoin price is hovering above the 9-day and 21-day moving averages. However, intraday trading is still looking bullish as a cross above the upper boundary of the channel could hit the resistance level at $58,000 and above.
On the contrary, if the buyers failed to keep pushing the market upward, traders can expect a retreat at the $53,000 support level, and breaking this level may further push the price below the 9-day and 21-day moving averages to reach the support level of $52,000 and below. Meanwhile, the Relative Strength Index (14) is seen moving within the overbought region, suggesting more bullish trends.
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