Bitcoin Price Prediction: BTC/USD Stays Below $65,000

Bitcoin Price Prediction – October 31

The Bitcoin price prediction becomes a sea of red, with nearly all assets suffering in the greater market collapse

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

Key levels:

Resistance Levels: $68,500, $70,500, $72,500

Support Levels: $53,500, $51,500, $49,500

BTCUSD – Daily Chart

BTC/USD has been struggling to maintain its position above $63,000 as the coin nearly dives below the $60,000 level today. The Bitcoin price is in an unstable position as the price slips below the 9-day and 21-day moving averages during the early Asian hours. However, if the breakthrough is confirmed, the downside momentum could gain traction with the next focus on $62,500.

Bitcoin Price Prediction: BTC Price May Visit the Downside

According to the daily chart, the Bitcoin price is trading below the 9-day and 21-day moving averages at $60,580 with a decline of 2.12% on the daily price chart. However, looking at the declining daily volume candles, together with the steady but stable recent Bitcoin price action, traders can assume that a stronger negative move may be coming soon if the red-line of the 9-day MA crosses below the green-line of the 21-day MA. At the moment, the technical indicator, Relative Strength Index (14) is seen moving below 60-level, which could create additional downtrends.

At the time of writing, BTC/USD is struggling to maintain the $60,000 support level. If the coin fails to remain above this level, then, it could drop to the next support levels of $53,500, $51,500, and $49,500. From above, maintaining the $61,000 level could send the coin to retest old support turned resistance levels at $62,500. The further movement could go above the significant 9-day and 21-day moving averages, which could send the price towards the resistance levels of $68,500, $70,500, and $72,500.

BTC/USD Medium – Term Trend: Bearish (4H Chart)

Looking at the 4-hour chart, the bulls are trying to defend the $60,000 support. Meanwhile, the $58,000 and below may come into play if BTC breaks below the current value and move towards the lower boundary of the channel.

BTCUSD – 4 Hour Chart

However, if the buyers can regain and push the market price above the 9-day and 21-day moving averages, traders may expect a retest at the $62,000 resistance level, and breaking this level may further allow the bulls to reach the resistance level of $63,000 and above. However, the technical indicator Relative Strength Index (14) is likely to cross below 40-level, indicating additional bearish movement in the market.

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: