Bitcoin Price Prediction – October 27
Bitcoin prices have faced slight selling pressure in recent days, with the daily minimum price around the $58,100 level.
BTC/USD Long-term Trend: Range (Daily Chart)
Key Levels:
Resistance Levels: $66,000, $68,000, $70,000
Support Levels: $52000, $50000, $48000
BTC/USD is now facing a downtrend as selling pressure continues to push the digital asset below the 9-day and 21-day moving averages. Meanwhile, traders are not surprised by the selling pressure as bears are trying to prevent the cryptocurrency from setting new all-time highs. However, before the bulls break through this level, Bitcoin may face a long period of sideways movement.
Bitcoin Price Prediction: Bitcoin (BTC) May Fall to Regain Strength
As of the time of writing, Bitcoin price is trading at the current price of $59,044, down nearly 2.14%. This marks a severe decline for Bitcoin from its daily high of $61,488, which is close to the 9-day moving average. However, the next few days may take Bitcoin price to the negative side as it is currently trading below the 21-day moving average. Therefore, any decline or rise above or below this resistance may determine its next trend.
Currently, BTC/USD is trading below the 9-day and 21-day moving averages. The bears are pushing the market price to the south, but any downtrend movement close to the lower boundary of the channel could lead the price back to the $52,000, $50,000, and $48,000 support levels, while resistance levels could be located at $66,000, $68,000, and $70,000. The technical indicator Relative Strength Index has also fallen below the 55 level.
BTC/USD Medium-term Trend: Range-bound (4-hour chart)
From the 4-hour chart, the $62,000 resistance is too heavy for the bulls, causing the Bitcoin price to be in a consolidation mode and making the cryptocurrency hesitant in the past few hours. At the same time, as the currency is still below the 9-day and 21-day moving averages, crossing the lower boundary of the channel may hit the support level of $5,000 and below.
On the contrary, the coin is currently hovering around $59,285, and bulls are pushing the price closer to the moving averages. Meanwhile, if the technical indicator Relative Strength Index (14) rises above the 40 level, it may trigger resistance at $61,500 and above.
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