Bitcoin (BTC) Price Prediction: BTC/USD Pauses Above $61k as Bitcoin Trades Marginally ByAzeez MustaphaPRO INVESTOR Updated: 30 October 2021 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage Bitcoin Pulls Back Above $61k As Bitcoin Trades Marginally – October 30, 2021 Today, BTC/USD has retraced to the low of $60,755 as Bitcoin trades marginally . There is a long candlestick tail pointing to support above the $60,800 low. The candlestick’s tail indicates that the $60,800 price level is a strong buying support. BTC’s price pulled back above $61,000 support and resumed consolidation. Bitcoin is currently battling with a minor resistance at $63,000. Resistance Levels: $60,000, $65,000, $70,000 Support Levels: $50,000, $45,000, $40,000 BTC/USD – Daily Chart Buy Bitcoin Now From the rejection at the $63,000 high, Bitcoin has fallen to the $61,000 support. Bitcoin is forming a bearish pattern. BTC price is making a series of lower highs and lower lows. In the downtrend, BTC price has made lower highs of $$67,000, $64,000 and $63,000. In the same vein, the downtrend has established lower lows of $60,000 and $58,500. If Bitcoin continues its downward move and prices break the previous low of $58,500, the downtrend will resume. BTC price will further decline to $52,500 low. In the meantime, Bitcoin is hovering above the $61,000 support. Indian Government May Consider Regulating Crypto as a Commodity According to the officials from the country’s Finance Ministry, the potential legal framework would treat cryptocurrencies closer to commodities than currencies. Some Indian lawmakers have come to an agreement that this approach would serve as an alternative to an outright ban on digital currencies in the country. India’s Finance Ministry indicated that any potential law on cryptocurrencies would likely come around the time the government submits the Union Budget of India in February. The officials are engaging with the Reserve Bank of India, or RBI, to work out the details of any crypto legal framework. BTC/USD – 1 Hour Chart Today, BTC/USD has fallen to the low of $60,800 but pulled back above $61,000 support as Bitcoin trades marginally . Meanwhile, on October 29 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Bitcoin will fall to level 2.0 Fibonacci extension or $60,794.80. Looking to buy or trade Bitcoin (BTC) now? Invest at eToro! Buy Bitcoin Now 68% of retail investor accounts lose money when trading CFDs with this provider Read more:• How to buy Bitcoin • How to buy cryptocurrency Join Our Telegram channel to stay up to date on breaking news coverage