Bitcoin Price Prediction: BTC/USD Drops Below $63,000 Level ByAzeez MustaphaPRO INVESTOR Updated: 21 October 2021 Bitcoin Price Prediction – October 21 The Bitcoin price drop today as the cryptocurrency breaks beneath $63,000 and heads toward $62,000. BTC/USD Long-term Trend: Bullish (Daily Chart) Key levels: Resistance Levels: $71,000, $73,000, $75,000 Support Levels: $59,000, $57,000, $55,000 BTCUSD – Daily Chart Buy Bitcoin Now BTC/USD is seen dropping with a loss of 5.03% as the cryptocurrency falls beneath the $62,500 support level to reach the daily low at $62,070. However, the daily chart reveals that $62,000 is a very important area as it provided strong resistance for the market a couple of days ago; therefore, it is expected to provide strong support moving forward. Bitcoin Price Prediction: Bitcoin Price Could Fall More The Bitcoin price is currently trading towards the 9-day moving average within the channel. However, a break below this trend line could cause Bitcoin to revisit toward the $62,000 level. However, the king coin is in a critical position with the next few hours dictating the direction that it will head. A drop beneath $62,000 could be detrimental to Bitcoin as it could lead the first digital asset towards the supports at $59,000, $57,000, and $55,000. Moreover, if the buyers can rebound from the current support level at $62,819, the first level of resistance lies at $64,000. Above this, further resistance is expected at $66,000. This may likely follow by the potential resistance at $71,000, $73,000, and $75,000 levels. Presently, the Relative Strength Index (14) is facing the south, indicating more bearish signals. BTC/USD Medium-Term Trend: Bullish (4H Chart) As reveals by the 4-hour chart, the Bitcoin price is seen hovering at $62,857 as the coin trades below the 9-day and 21-day moving averages with sellers forcing its price down to the lows of $62,372. However, if the bulls decide to push the market price back above the moving averages, the coin may likely hit the resistance at $66,000 and above. BTCUSD – 4 Hour Chart However, it now appears that the cryptocurrency is at risk of seeing further downside in the near term, as the attempt to drop below the $62,000 support seems to indicate that bears are building momentum. More so, the Relative Strength Index (14) remains around 50-level and the coin may locate the critical support at $60,000 and below. 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
