Bitcoin Price Prediction: BTC/USD Climbs Higher; Is $70,000 Coming Soon?
Bitcoin Price Prediction – November 10
The Bitcoin price is on the brink of breaking above $69,500 following a momentous rally today seeing it rise to $69,000 level.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $74,000, $76,000, $78,000
Support Levels: $63,000, $61,000, $59,000
According to the daily chart, BTC/USD breaches $68,000 as all-time high beckons. The first digital asset is seen trading near the upper boundary of the channel. The Bitcoin price is now within touching distance of forming a new all-time high above the previous high of $69,000, which is quite remarkable considering it had just touches the daily of $66,000.
Bitcoin Price Prediction: Bitcoin (BTC) May Surge Higher Again
According to the daily chart, the Bitcoin price has been able to clearly break above $68,000 and reach a price per coin of $69,000. The main question is whether it will be able to surpass new all-time high of $69,000 where it could find large resistance. Meanwhile, traders are now waiting for a continuation of the bull trend that would help Bitcoin reach additional highs.
Moreover, for Bitcoin to would have reached $69,000, this could be the beginning of a new bull run in the crypto space. Meanwhile, as the technical indicator Relative Strength Index (14) is likely cross into the overbought region, BTC/USD may soon hit the potential resistance levels at $74,000, $76,000, and $78,000 while sliding below the 9-day and 21-day moving averages could drag the price to the critical support levels of $63,000, $61,000, and $59,000 respectively.
BTC/USD Medium-term Trend: Bullish (4H Chart)
On the 4-hour chart, BTC/USD is currently trading around $68,468 above the 9-day and 21-day moving averages after a reversal from $68,363 where the market begins to trade today as the king coin faces the bullish movement.
However, if buyers continue to energize the market, they can further push the price above the upper boundary of the channel which could allow the market price to hit the resistance level of $70,500 and above. Meanwhile, the technical indicator RSI (14) is currently moving within the overbought region, but any further movement below this barrier may drag the price to the support level of $67,000 and below.
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