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Bitcoin Price Prediction: BTC/USD Is Holding Recent Gains, Stuck Below $11,500 Resistance

Bitcoin (BTC) Price Prediction – October 10, 2020
The recent breakout above $11,000 resistance has put to an end the speculation of where Bitcoin will trend. This has ended the indecision between the bulls and the bears about the direction of Bitcoin’s price. The recent breakout has almost breached the critical resistance levels of $11,100 to $11,300.

Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

Buyers have to sustain the bullish momentum by pushing the coin to the previous highs. BTC/USD  price has to move to retest or break the $12,000 and $12,400 overhead resistance levels. BTC price will continue the upside momentum if the overhead resistance is breached. The coin will reach a new high of $13,000 if buyers are successful. On the other hand, the journey to the overhead resistance will not be without any stiff resistance. Bitcoin is facing an initial resistance at the $11,500 high. The coin may fall to $11,100 low if it faces resistance at $11,500. Meanwhile, BTC is above 80% range of the daily stochastic. It indicates that the coin is in a strong bullish momentum and it is approaching the overbought region.

The Election of Joe Biden Is Good for Bitcoin, Bad for Defi, by Bloomberg Newsletter
Joe Biden and President Donald Trump are contesting in the November election of 2020. According to Bloomberg crypto newsletter, the election of Joe Biden as president of the United States would bring greater mainstream adoption of Bitcoin. According to reports, the policies of President Donald Trump’s administration have no regard for crypto adoption.

The newsletter reads: “A potential Joe Biden presidency should shine favor on further appreciation in the price of Bitcoin, in our view. New leadership may change the hands-off policy of the Trump administration — to the detriment of the broader crypto market”. The reports have it that a “Democratic sweep” would enable greater regulatory clarity for the crypto space. In the same vein, the author claims that the same forces would hinder DeFi’s growth.

BTC/USD – Daily Chart

Bitcoin price is still hovering above $11,300 after a minor retracement. The coin is trading marginally above the current support. When the coin resumes bullish momentum, it will rise and retest the previous highs. The Fibonacci tool analysis has indicated a possible upward move to level 2.618 Fibonacci extensions. In other words, the coin will reach a high of $13,235.

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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.

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