BTC/USD Corrects Gains As Price Drops to $53,379
Bitcoin Price Prediction – October 7
After the opening of the market today at $55,346, the Bitcoin price begins a downside correction as the price touches the low of $53,379 support.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $60,000, $62,000, $64,000
Support Levels: $50,000, $48,000, $46,000
At the time of writing, BTC/USD is seen slipping below the $54,000 level as buying pressure cooled off. The Bitcoin price is now hovering around $53,854.45 to form a low near the support level of $53,000 before stabilizing. At the time of writing, BTC/USD continues to trade above the 9-day and 21-day moving averages but it is down by 2.68%.
Bitcoin Price Prediction: Bitcoin (BTC) May Target Additional Gains
The Bitcoin price is presently correcting lower since the beginning of the day. A decisive break down below the support level of $53,000 may intensify selling pressure. Therefore, if bears push the market price downwards, the consolidation may turn into a bear-run. Moreover, the sideways movement is likely to play out for the next few days and the next hurdle for the king coin could surface at $56,000, but it won’t stop the higher price movements.
However, bulls need massive liquidity and volume to cross the $57,000 highs and make a dash to the $58,000 level. The technical indicator Relative Strength Index (14) is seen moving below the 70-level from the overbought zone as the sharp downward slope is a clear indication of the influence which may allow bears to increase the pressure.
Meanwhile, a reversal is possible but only if the resistance at $55,000 is reclaimed. The persistence trade above this level may technically push the coin to the resistance levels of $60,000, $62,000, and $64,000 while the supports lie at $50,000, $48,000, and $46,000.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
Looking at the 4-Hour chart, Bitcoin (BTC) has not yet slipped below $53,000 but in the loop of making a bounce back. The Bitcoin price hovers around the 9-day moving average and may likely take time to trade above the $55,000. At the moment, the Bitcoin price is currently moving around $54,051 level.
However, if the bulls energize the market, the price may likely touch the resistance levels of $57,500 and above. In other words, if the bears should continue to hold the price and drag it downward, then the support level of $51,500 and below may be visited as the Relative Strength Index (14) may move out of the overbought zone, indicating additional bearish movement.
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