Bitcoin Price Prediction: BTC/USD May See Further Downside Below $60,000
Bitcoin Price Prediction – October 27
The Bitcoin price has been facing slight selling pressure as of late, with the daily low found within the $58,100 level.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $66,000, $68,000, $70,000
Support Levels: $52,000, $50,000, $48,000
BTC/USD is now facing the downtrend as the selling pressure keeps bringing the first digital asset below the 9-day and 21-day moving averages. Meanwhile, traders are not surprised with the selling pressure as bears are trying to defend against a break above the cryptocurrency’s all-time highs. However, until bulls break above this level, the king coin may likely face a prolonged sideways movement.
Bitcoin Price Prediction: Bitcoin (BTC) May Fall to Regain Strength
At the time of writing, the Bitcoin price is trading down just under 2.14% at its current price of $59,044. This marks a serious fall from its daily high of $61,488 sets close to the 9-day moving average. However, the coming few days may likely bring the price of Bitcoin to the negative side, as it is currently trading below the 21-day moving average. Therefore, any decline or rise below this barrier could determine its next trend.
BTC/USD is currently trading below the 9-day and 21-day moving averages, with bears moving the market price towards the south but any bearish movement towards the lower boundary of the channel may take the price to the support levels of $52,000, $50,000, and $48,000 while the resistance levels could be located at $66,000, $68,000, and $70,000 as the technical indicator Relative Strength Index nosedives below 55-level.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the resistance at the $62,000 has been too heavy for the bulls to overcome as the price is now struggling in a consolidation mode and this has made the cryptocurrency remain indecisive over the past few hours. Meanwhile, as the coin remains below the 9-day and 21-day moving averages, cross below the lower boundary of the channel could hit the support at $5,000 and below.
On the contrary, the coin is still roaming around $59,285 as bulls are pushing the price towards the moving averages. Meanwhile, the $61,500 and above may come into play if the technical indicator Relative Strength Index (14) moves above 40-level.
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