Search Inside Bitcoins

Bitcoin Price Prediction: BTC/USD Recovers Above $62,000

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Bitcoin Price Prediction
Bitcoin Price Prediction

Join Our Telegram channel to stay up to date on breaking news coverage

Bitcoin Price Prediction – October 29

The Bitcoin price is currently trading above the 9-day moving average after the king coin recovers from $60,188.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $68,000, $70,000, $72,000

Support Levels: $56,000, $54,000, $52,000

Bitcoin Price Prediction
BTCUSD – Daily Chart

At the time of writing, BTC/USD is seen trading at $62,090 after soaring to $62,974 in the early hour of today’s trading. However, the first digital asset is also seen pulling back to where it is currently trading above the 9-day and 21-day moving averages which could head downwards if the bears step back into the market.

Bitcoin Price Prediction: Bitcoin Price May Reclaim $65k

On the bullish side, it is important for the Bitcoin price to stay above the 9-day and 21-day moving averages, otherwise, there may come a bearish breakdown when BTCUSD falls below that barrier. The 9-day MA still remains above the 21-day MA as the technical indicator RSI (14) is preparing to cross above 60-level where an oscillation to the higher boundary may confirm the proper trend which is more likely a bullish trend at the time of the outcome.

However, BTC/USD may confirm the bullish trend if the market price moves above the previous high of $65,000. Meanwhile, the Bitcoin price may follow the bearish trend if the price moves below the 21-day moving average and move towards the lower boundary of the channel. Should this happen, the king coin may drop to the critical supports of $56,000, $54,000, and $52,000. If the RSI (14) moves above 60-level, a strong bullish spike may push the price towards the resistance levels of $68,000, $70,000, and $72,000.

BTC/USD Medium-Term Trend: Bearish (4H Chart)

According to the 4-hour chart, BTC is looking bullish as the market is following a bullish trend. However, the intraday trading is still looking bullish following the recent rebound at $62,278 which is now a key support level. The next key support levels are $61,000 and below.

BTCUSD – 4 Hour Chart

However, considering the recent sharp rebound, the Bitcoin price may continue the bullish rally to $63,000 resistance. A climb above this level may further push BTC price to the resistance level of $64,000 and above. As it looks now, bulls are returning into the market gradually as the technical indicator Relative Strength Index (14) moves above 60-level.

Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!

68% of retail investor accounts lose money when trading CFDs with this provider

Read more:

Join Our Telegram channel to stay up to date on breaking news coverage

Read next