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Bitcoin Price Prediction for Today, October 8: BTC/USD Retreats After Touching $19,628

Bitcoin Price Prediction for Today, October 8: BTC/USD Retreats After Touching $19,628
Bitcoin Price Prediction for Today, October 8: BTC/USD Retreats After Touching $19,628

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The Bitcoin price prediction shows that BTC rises in the early hours of today, but got rejected as the market ranges.

Bitcoin Prediction Statistics Data:

  • Bitcoin price now – $19,476
  • Bitcoin market cap – $373.5 billion
  • Bitcoin circulating supply – 19.1 million
  • Bitcoin total supply – 19.1 million
  • Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $22,500, $24,500, $26,500

Support Levels: $17,500, $15,500, $13,500

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BTC/USD may begin to follow the bearish movement if the bears force the king coin to bow down to fresh losses. At the time of writing, BTC/USD is changing hands at $19,476 after adjusting from the resistance level of $19,628 which is an intraday high. Moreover, the Bitcoin price may be vulnerable to losses if the price crosses below the 21-day moving average.

Bitcoin Price Prediction: Bitcoin (BTC) Bears May Show Again

The Bitcoin price from a technical angle reveals that the market price may follow the downtrend or continue to move sideways because the bullish movement is not visible now. However, the technical indicator Relative Strength Index (14) may confirm the bearish movement as the signal line drops below the 50-level.

Moreover, bulls are currently banking on the 21-day moving average to ensure that despite a reversal, the Bitcoin price stays above the moving averages. Any bearish movement below the 21-day MA could draw the coin towards the lower boundary of the channel and may cause the coin to reach the critical supports at $17,500, $15,500, and $13,500. Following the upward movement, if the coin crosses above the upper boundary of the channel, it may hit the nearest resistance levels at $22,500, $24,500, and $26,500 respectively.

BTC/USD Medium-term Trend: Ranging (4H Chart)

As the 4-hour chart reveals, the Bitcoin price is likely to cross below the lower boundary of the channel, and the bears are likely to come back into the market as the bulls could defend the $19,419 support. If not, the support level of $19,000 and below may come into play should it focuses on the downward movement.

BTCUSD – 4-Hour Chart

Moreover, buyers may need to regroup and head to the upside, once this comes to pass, traders may expect a movement above the upper boundary of the channel, and this could push the king coin to the resistance level of $20,000 and above. Meanwhile, the technical indicator Relative Strength Index (14) is likely to drop below the 40-level, suggesting a continuous bearish movement.

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