Bitcoin Price Prediction: BTC/USD Begins Fresh Rally to $60,000 Level ByAzeez MustaphaPRO INVESTOR Updated: 14 October 2021 Bitcoin Price Prediction – October 14 The Bitcoin price is up by moving close to the channel as the coin strikes a sudden and bullish price spike. BTC/USD Long-term Trend: Bullish (Daily Chart) Key levels: Resistance Levels: $64,000, $66,000, $68,000 Support Levels: $53,000, $51,000, $49,000 BTCUSD – Daily Chart Buy Bitcoin Now BTC/USD is pushing the price above the crucial resistance level of $57,500. The coin is moving towards $59,000 to trade at $57,641 at the time of writing. However, the number-one crypto is moving with strong bullish momentum after a sustainable break above an important technical level. Bitcoin Price Prediction: Bitcoin (BTC) Ready to Blow Hot As the Bitcoin price stays above the 9-day and 21-day moving averages, the return below $57,000 could set the framework for gains towards $60,000. Meanwhile, the technical analysis shows that the bulls are ready for action especially when the up-trending Relative Strength Index (14) is considered. Therefore, any further bullish movement above the upper boundary of the channel could pave the way for gains above $60,00 before reaching the resistance levels of $64,000, $66,000, and 68,000 respectively. At the downside, if the price falls back below the $55,000 level and move to cross below the 9-day moving average, the bears may wrestle out control over the situation very quickly as this may likely serve as a major blow for the market sentiments as traders could interpret it as a sign of underlying weakness. Therefore, the next critical support may come at $54,000, which may be followed by $53,000, $51,000, and $49,000 support levels. BTC/USD Medium – Term Trend: Bullish (4H Chart) The 4-hour chart reveals that the market is currently showing a sign of weakness as the price couldn’t spike towards the channel. However, the intraday trading is looking bullish but following the recent rebound at $57,346 which is the key support level. If the coin keeps trading above the 9-day and 21-day moving averages, it could meet the next key resistance level at $61,000 and above. BTCUSD – 4 Hour Chart However, considering the sideways movement, the Bitcoin price may re-enter the bearish rally to $55,000 support. A drop below the mentioned support may further bring the Bitcoin price below the lower boundary of the channel to hit the support level of $54,500 and below. In addition, the technical indicator Relative Strength Index (14) faces down, suggesting downward movement. Looking to buy or trade Bitcoin (BTC) now? Invest at eToro! Buy Bitcoin Now 67% of retail investor accounts lose money when trading CFDs with this provider Read more: How to buy Bitcoin How to buy Cryptocurrency
