Bitcoin Price Prediction: BTC/USD Retreats Below the $63,000 Resistance

Bitcoin Price Prediction – November 4

The Bitcoin price slumps below the resistance level of $63,114. Further downside momentum may come to play but $60,000 may likely come out as support.

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

Key levels:

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

Support Levels: $55,000, $53,000, $51,000

BTCUSD – Daily Chart

BTC/USD range-bounds with the selling pressure seen around $61,114 level which is stopping it from seeing any major gains. Meanwhile, traders are not surprised with the selling pressure as bears are trying to defend against a break above the 9-day and 21-day moving averages. However, until bulls keep the price above this barrier, the Bitcoin price may continue to face a prolonged sideways movement or drop below the current market value.

Bitcoin Price Prediction: Bitcoin May Revisit the Downtrends

The Bitcoin price may likely slide below the 9-day and 21-day moving averages as the daily chart shows; however, a further retracement seems imminent and it is likely to break below $61,000. Meanwhile, $55,000, $53,000, and $51,000 serve as the major support levels, making room for BTC to fall even further. The technical indicator Relative Strength Index (14) is sliding below 55-level, suggesting bearish movement.

However, as the daily chart reveals, if the bulls could push the price back above the daily high at $63,100, BTC/USD may see a potential resistance level at $64,000, therefore, any further movement towards the upper boundary of the channel could send it to other resistance levels at $68,000, $70,000, and $72,000 respectively.

BTC/USD Medium-Term Trend: Ranging (4H Chart)

Looking at the 4-hour chart, the bears are coming back into the market as the market price moves below the 9-day and 21-day moving averages. The bulls failed to hold the Bitcoin price above the moving averages. Meanwhile, if BTC/USD breaks above the moving averages, the $63,000 and above may come into play.

BTCUSD – 4 Hour Chart

However, if the price breaks below the lower boundary of the channel and falls more, the support levels of $60,000 and below may be in focus. Meanwhile, as the Relative Strength Index (14) nosedives below 45-level, more bearish signals may play out before a rebound could come in.

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.