Bitcoin Price Prediction: BTC/USD Finally Conquers $14,000 Level; Price May Escalate Soon

Bitcoin (BTC) Price Prediction – October 31

BTC/USD is up by more than 1.77% as the price struck a sudden and bullish price spike above the $14,000 resistance level.

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

Key levels:

Resistance Levels: $14,400, $14,600, $14,800

Support Levels: $12,800, $12,600, $12,400

BTCUSD – Daily Chart

The daily chart reveals that BTC/USD is flexing muscles above the critical resistance level. The coin moves above $14,000 to touch the daily high of $14,098 but now trading at $13,811 at the time of writing. The king coin is moving with strong bullish momentum after a sustainable break above an important technical level.

Where is BTC Price Going Next?

According to the daily chart, the return above $13,800 could set the framework for gains towards $14,200. Meanwhile, the technical analysis shows that the bulls are ready for action especially when the up-trending RSI (14) is considered. Any further bullish movement above the upper boundary of the channel could pave the way for the gains above $14,300. Other resistance levels may be located at $14,400, $14,600, and 14,800.

Looking at the downside, if the price falls back below the $13,000 level and move to cross below the 9-day moving average, the bears may wrestle out the control over the situation very quickly. This may likely serve as a major blow for the market sentiments as traders could interpret it as a sign of underlying weakness. The next important support may come at $12,900 while others are located at $12,800, $12,600, and $12,400 support levels.

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

Looking at the 4-hour chart, the price of Bitcoin (BTC) is currently trading around $13,839 and above the 9-day and 21-day moving averages. However, the 4-hour chart shows that the bullish supply is still very strong in the market while the bears are also trying to bring the price down.

BTCUSD – 4 Hour Chart

Moreover, if the buyers could energize the market more, they can further push the price above the $14,100 resistance level. Therefore, breaking the mentioned resistance may likely allow the bulls to hit another resistance at $14,200 and above. In other words, the RSI (14) is currently moving above the 60-level, but when it turns below this level; the market price may drop to the support level of $13,500 and below.

Remember, all trading carries risk. Past performance is no guarantee of future results.

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.