Bitcoin Price Prediction: BTC/USD drops below $64,000

Bitcoin Price Prediction – November 15
After hitting a daily high of $66,339, the bitcoin price fell below $60,000 and dropped towards $63,000.

BTC/USD long-term trend: range-bound (daily chart)
Key bits:
Resistance: $70,000, $72,000, $74,000
Support Levels: $59,000, $57,000, $55,000

BTCUSD – Daily Chart

Now, BTC/USD has fallen sharply from the $64,000 support level to a daily low of $63,636 with a 2.35% drop. From the daily chart, the $63,000 support level is very important and is expected to provide strong support in the future.

Bitcoin Price Prediction: Bitcoin (BTC) may fall further
Bitcoin price is currently trading at the support provided by the 9-day moving average, however, a breakout of this trendline could lead to a retracement to the $61,000 support level. Meanwhile, the cryptocurrency is currently at a critical position and the next few days will focus on the downside. If the lower boundary of the channel is broken down, support levels may be located at $59,000, $57,000, and $55,000.

Furthermore, if the buyers are able to rebound from the current support at $63,963, the first resistance could be located at $66,500. However, further gains could face potential resistance at $70,000, $72,000, and $74,000. On the other hand, if the first digital asset breaks above here, the market price could be about to turn bullish. Currently, the technical indicator Relative Strength Index (14) is declining, sending more bearish signals.

BTC/USD Medium-term trend: Bearish (4-hour chart)
According to the 4-hour chart, BTC/USD is facing huge volatility after hitting a daily high of $66,339, with sellers pushing its price down to a low of $63,800. If the bulls decide to push the market price back above the 9-day and 21-day moving averages, the coin could break the resistance at $66,000 and above.

However, the cryptocurrency currently appears to be at risk of further downside in the short term as multiple attempts to break the $63,000 support level appear to indicate that the bear market is gathering momentum. With the Relative Strength Index (14) poised to cross below the 40 level, the coin could find critical support at $62,000 and below.

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