Bitcoin Price Prediction: BTC/USD Price Battles with $63,000

Bitcoin Price Prediction – November 1

The Bitcoin price is likely to spread the bearish move to areas below $61,000 after numerous attempts to hold gains above $65,000.

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $68,000, $70,000, $72,000

Support Levels: $54,000, $52,000, $50,000

BTCUSD – Daily Chart

BTC/USD falls below $62,000 as the largest cryptocurrency embarked on a support smashing exercise after failing to hold above $62,500 following a significant breakout in the last few days. Hence, the bearish control has been seen across the market, with other major digital assets seeing similar losses when trading below the 9-day and 21-day moving averages.

Bitcoin Price Prediction: BTC Price May Go Lower

The Bitcoin price is trading at $61,438 with an intraday loss of 0.15% as the prevailing trend is likely to follow the bearish movement. However, Bitcoin (BTC) is currently consolidating within the channel and a breakout of this pattern in the direction of the previous trend is expected to continue. In the meantime, BTC/USD is expected to fall and stay below the 9-day and 21-day moving averages which may likely move towards the critical support levels at $54,000, $52,000, and $50,000.

However, if the Bitcoin price stays above the moving averages; the price could rise to $65,000 vital resistance while a further bullish drive could take the coin to the resistance levels of $68,000, $70,000, and $72,000 respectively. Moreover, the technical indicator Relative Strength Index (14) is currently moving below 60-level, which shows a possible bearish momentum may play out or the coin may range-bound before moving higher.

BTC/USD Medium – Term Trend: Bearish (4H Chart)

As the market opens today, the Bitcoin price touches the daily low of $59,500, but now hovering around $61,027. Should the price drop further below the 9-day and 21-day moving averages, it could hit the next level of support at $59,500 and below.

BTCUSD – 4 Hour Chart

However, should the bulls push the coin above the upper boundary of the channel, the Bitcoin price could hit the potential resistance level of $63,000 and above. For now, the market may continue to experience a downtrend as the technical indicator Relative Strength Index (14) slides below 50-level.

Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!

68% of retail investor accounts lose money when trading CFDs with this provider

Read more:

Subscribe To The Latest Crypto News

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

World Wide Crypto will use the information you provide on this form to be in touch with you and to provide updates and marketing.