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The Bitcoin price prediction shows that BTC may drop below the moving averages as the first digital coin slides toward the downside.
Bitcoin Prediction Statistics Data:
- Bitcoin price now – $68,662.30
- Bitcoin market cap – $1.35 trillion
- Bitcoin circulating supply – 19.78 million
- Bitcoin total supply – 19.28 million
- Bitcoin Coinmarketcap ranking – #1
Investing early in cryptocurrency can yield remarkable returns, and Bitcoin (BTC) exemplifies this potential. Currently, Bitcoin’s price has fluctuated between a low of $67,879.81 and a high of $69,676.87 in the last 24 hours, with an all-time high of $73,750.07 reached on March 14, 2024, marking a slight decline of 7.19% since then. The most astonishing aspect of Bitcoin’s journey is its all-time low of just $0.04865, recorded on July 14, 2010. Since that time, Bitcoin has surged an incredible 140,696,110.32%, underscoring the immense rewards for early investors and highlighting the importance of timing and foresight in the dynamic cryptocurrency landscape.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $74,000, $75,000, $76,000
Support Levels: $64,000, $63,000, $62,000
BTC/USD’s current market environment shows bearish sentiment, as traders reduce leveraged positions due to upcoming political events. The reduction in open interest overnight points to cautious de-risking, indicating that many are choosing to minimize exposure ahead of potential volatility. This aligns with the broader expectation of a short-term downward trend, particularly with elections looming and uncertainties affecting the overall market.
Bitcoin Price Prediction: Bitcoin (BTC) Could Fall into the Negative Zone
The Bitcoin price crosses below the 9-day and the 21-day moving averages as the king coin touches the daily low at $68,092.86. Meanwhile, support for Bitcoin is currently identified between the $66,500 and $68,000 levels. These price points serve as potential stabilization zones if bearish momentum slows. However, if Bitcoin continues to trend downward, the next test will be holding above this support range, as breaking below it could lead to a more substantial dip.
Nevertheless, if the price were to break below the $66,000 support level, it is likely to face more downtrends, the further bearish movement could locate supports at $64,000, $63,000, and $62,000, making room for BTC to fall further. Meanwhile, the technical indicator 9-day MA remains above the 21-day MA but the trading volume is in support of the bears. Therefore, if bulls push the price back toward the upper boundary of the channel, BTC/USD may locate the resistance levels at $74,000, $75,000, and $76,000.
BTC/USD Medium-term Trend: Ranging (4H Chart)
On the 4-hour chart, the Bitcoin price keeps hovering below the 9-day and 21-day moving averages, but the immediate support is likely to come at around the $67,500 level. Meanwhile, the market price may likely fall below this level if the bears continue to dominate the market.
However, a further bearish movement could hit the critical support at the $66,000 level and below, while the resistance could be found above the 9-day moving average at the resistance level of $17,500 and above. In other words, the Bitcoin price may continue to face the negative side as the 9-day moving average keeps hovering below the 21-day moving average.
Nonetheless, @TATrader_Alan, who boasts over 60,000 followers on X (formerly Twitter), has analyzed that #Bitcoin is experiencing a pullback to the Fibonacci 0.618 level, a typical support point for a healthy retracement. If this level successfully holds for $BTC, we can expect another strong upward movement.
#Bitcoin has Pullback onto Fibonacci 0.618 level, which is a common support for a healthy pullback. If this level holds up $BTC, there will be another impulsive moves.🔥 pic.twitter.com/gzfg2yZuas
— Trader Tardigrade (@TATrader_Alan) November 3, 2024
Alternatives to Bitcoin
For the next 24 hours, adopt a cautious, bearish trading approach due to decreasing Bitcoin volume. Focus on stable, lower-risk positions and avoid overtrading. Similar patterns may emerge in assets correlated with Bitcoin. Meanwhile, Pepe Unchained’s presale is gaining traction for a November launch, featuring a layer-2 blockchain with a decentralized exchange and staking. The project has raised $24.4 million and offers developer grants to promote community engagement and long-term token utility.
Pepe Unchained Presale Update
Investing in the Pepe Unchained token before its upcoming launch presents a unique opportunity for early adopters to capitalize on a promising project that is actively developing a robust layer-2 blockchain ecosystem, complete with a decentralized exchange and staking features. With $24.4 million raised, the project is positioned for growth and sustainability, offering grants to developers to foster innovation within the platform.
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