Bitcoin Price Prediction: BTC/USD Revisits $61,000 Level Again

Bitcoin Price Prediction – October 29

The Bitcoin price is currently trading towards the upper boundary of the channel after the first digital asset recovers from the $60,188 low.

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

Key levels:

Resistance Levels: $65,000, $67,000, $69,000

Support Levels: $57,000, $55,000, $53,000

BTC/USD is currently holding above the $61,000 level as the coin prepares for another higher surge. Looking at the daily chart, the price of Bitcoin is now trying to maintain the bullish movement above the 9-day and 21-day moving averages but may have a difficult time gaining momentum as the entire market’s uptrend stalls.

Bitcoin Price Prediction: Bitcoin Price May Break Out Towards $65k

The Bitcoin price is currently trading at $61,046 with a 0.72% gain on the day and the trading is likely to break towards the upper boundary of the channel as the technical indicator Relative Strength Index (14) prepares to move above 60-level. However, it is important to know that the bulls are catching up towards the positive side, as they would continue to focus on higher levels around $64,000. On the other hand, any drop below the 9-day and 21-day moving averages could pave the way to the south.

Meanwhile, the breakdown below the 9-day and 21-day moving averages is not out of sight yet as the losses of the past few days show that BTC/USD may not be technically ready for the breakout above $64,000. Looking at the daily chart, Bitcoin (BTC) is likely to gain traction as the market price may move to the next level. Therefore, any bullish movement to the upside may lead the king coin to the resistance levels of $65,000, $67,000, and $69,000, while the supports are located at $57,000, $55,000, and $53,000.

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

Looking at the 4-hour chart, the Bitcoin price remains above the 9-day and 21-day moving averages as the coin is yet to cross above the upper boundary of the channel. However, if the Bitcoin price moves further and crosses above the channel, it could reach the nearest resistance level of $63,500 and above.

On the contrary, if the bears step in and bring the coin below the 9-day and 21-day moving averages; it could hit the closest support at $58,500 and below. At the moment, the technical indicator Relative Strength Index (14) is seen moving above 50-level, suggesting a bullish trend for the market.

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