Bitcoin Price Prediction for Today, October 5: BTC Falls 1.15% to 19,750 Support
The Bitcoin (BTC) price prediction sees a 1.16% decline over the past few hours as the cryptocurrency fails at $19,750 and heads lower.
Bitcoin Prediction Statistics Data:
- Bitcoin price now – $20,109
- Bitcoin market cap – $387 billion
- Bitcoin circulating supply – 19.1 million
- Bitcoin total supply – 19.1 million
- Bitcoin Coinmarketcap ranking – #1
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $23,000, $24,000, $25,000
Support Levels: $18,000, $17,000, $16,000
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BTC/USD loses its momentum after touching key resistance above $20,371. As of writing, the king coin is down 1.16% on the day at $20,109 facing the 9-day and 21-day moving averages. Meanwhile, Bitcoin (BTC) may struggle to stay above $20,000, and if it does, it should be free to rise well above $22,000 if it moves in the next positive direction.
Bitcoin Price Prediction: Can Bitcoin Price Trade Above $21,000?
After a slightly positive move above $20,300, the Bitcoin price is sliding below the 9-day and 21-day moving averages. Over the past few days, the king coin has been struggling to remain above the moving averages. In today’s session, the Bitcoin price attempted to push higher towards the upper boundary of the channel, but the sellers stepped into the market to bring the king coin lower to touch the daily low of $19,750.
Moreover, if the coin moves much lower, the $19,000 may serve as the nearest support level, which may likely make room for the coin to fall further to hit the supports at $18,000, $17,000, and $16,000. The Relative Strength Index (14) remains above the 50-level, crossing below this level may cause the king coin to have a continuous downward movement. On the contrary, BTC/USD may likely see resistance levels of $23,000, $24,000, and 25,000 if it finds its way above the upper boundary of the channel.
BTC/USD Medium-term Trend: Ranging (4H Chart)
On the 4-Hour chart, the BTC price hovers around $20,158 and could take time to cross above the 9-day moving average. However, if the bulls gather enough strength, the upward movement may be near the resistance level of $21,000 and above.
On the downside, immediate support could be located around the $20,000 level while the critical support is at $19,500 and below. Therefore, the Bitcoin price may likely fall towards the lower boundary of the channel if the bears put more pressure on the market, More so, the Relative Strength Index (14) keeps moving above the 60-level, suggesting a bullish movement.
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