Bitcoin Price Prediction: BTC/USD Struggles Below $15,800, Attempts to Break Above $16,000 High

Bitcoin (BTC) Price Prediction – November 8, 2020
BTC/USD plunged to $14,600 low after rejection from the recent high. The bulls buy the dips as BTC rallied to $15,600. The crypto is still facing rejection at $15,600. Nonetheless, the BTC price has risen back to the range-bound zone of $14,888 and $15,400. 

Resistance Levels: $13,000, $14,000, $15,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily chart

Bitcoin’s price is currently making an upward move. The previous uptrend was resisted at $15,600. Buyers are yet to break the recent high at $15,600 after the breakdown on November 6. The bulls have made three attempts to break the recent high but to no avail. On the upside, a strong bounce above the $15,500 support will propel price to break the resistance at $15,600 and $15,800. The momentum can extend or break the $16,000 resistance. However, the sideways move is likely to continue if the bulls fail to break these minor resistances. Meanwhile, on November 6, a Doji candlestick has appeared whose opening and closing price are the same. The candlestick indicates that the current uptrend is likely to reverse. Nevertheless, the following day, the BTC price plunged to the recent low. The coin has corrected upward to the $15,600 high

Bitcoin Is Now Bigger Than PayPal, Coca-Cola, Netflix, and Disney
The market capitalization of Bitcoin is about $280 billion. Recently, Bitcoin surged from $190 billion to around $280 billion, surpassing some big-name companies, including banks, by market capitalization. Presently, Bitcoin’s valuation is compared to publicly-listed firms in the U.S. Bitcoin’s current value will match the 18th biggest firm in the U.S. Similarly, the 17th largest company in the U.S is Home Depot with a market cap of $306 billion.Because of the current price surge to $15k, Bitcoin has surpassed the following companies like Netflix, PayPal, BofA, Coca-Cola, Salesforce, and Disney.

BTC/USD – 4 Hour Chart


Meanwhile, Bitcoin has been struggling to break the resistance at $15,600 and $15,800. On November 5 uptrend, BTC was resisted at $15,800. However, the retraced candle body tested the 50% Fibonacci retracement level. It indicates that the market will rise to level 2.0 Fibonacci extension or the high of $18,220.


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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.