Bitcoin Price Prediction: BTC/USD Turning Bearish Below $61,500 ByAzeez MustaphaPRO INVESTOR Updated: 24 October 2021 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage Bitcoin Price Prediction – October 24 The Bitcoin price extends the bearish movement to the areas marginally below $60,500 after numerous trials to sustain gains above $61,000. BTC/USD Long-term Trend: Ranging (Daily Chart) Key levels: Resistance Levels: $68,000, $70,000, $72,000 Support Levels: $54,000, $52,000, $50,000 BTCUSD – Daily Chart Looking to buy or trade Bitcoin (BTC) now? Invest at eToro! Buy Bitcoin Now 68% of retail investor accounts lose money when trading CFDs with this provider BTC/USD falls toward $60,000 as the largest cryptocurrency embarked on a support smashing exercise after failing to hold above $60,500. Therefore, the bearish control is seen across the market with other major digital assets posting similar losses as they trade below the 9-day moving average. Bitcoin Price Prediction: Bitcoin (BTC) Could Drop More The Bitcoin price is hovering at $60,300 with an intraday loss of 1.63%. The prevailing trend is bearish with expanding volatility and the first digital asset is likely to consolidate in a bearish flag pattern. Meanwhile, a breakdown below the 21-day moving average is supposed to continue in the direction of the previous trend. In this case, BTC/USD is expected to drop and stay below to hit the critical support levels at $54,000, $52,000, and $50,000. However, should Bitcoin price returns above the 9-day moving average; the price could rise to $65,000 vital resistance. A further bullish drive could push the price to $68,000, $70,000, and $72,000 resistance levels. The technical indicator Relative Strength Index (14) is revealing a continuous bearish, which shows that the market may remain at the downside. BTC/USD Medium – Term Trend: Ranging (4H Chart) At the opening of the market today, the Bitcoin price faces up to touch the resistance level of $61,000 but begins to drop, bringing its price to trade around $60,430. Meanwhile, should the price drop below the lower boundary of the channel, it could reach the support level at $58,000 and below. BTCUSD – Daily Chart Moreover, if the bulls push the coin above the 9-day and 21-day moving averages, the Bitcoin price could revisit the resistance level of $62,500 and above. At the moment, the market may begin to move sideways or experience more downtrends as the technical indicator Relative Strength Index (14) remains below 55-level. Looking to buy or trade Bitcoin (BTC) now? Invest at eToro! Buy Bitcoin Now 68% of retail investor accounts lose money when trading CFDs with this provider Read more: How to buy Bitcoin How to buy Cryptocurrency Join Our Telegram channel to stay up to date on breaking news coverage