{"id":309788,"date":"2021-10-29T16:36:18","date_gmt":"2021-10-29T20:36:18","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=309788"},"modified":"2024-06-03T13:44:35","modified_gmt":"2024-06-03T13:44:35","slug":"bitcoin-price-prediction-btc-usd-recovers-above-62000","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-prediction-btc-usd-recovers-above-62000","title":{"rendered":"Bitcoin Price Prediction: BTC\/USD Recovers Above $62,000"},"content":{"rendered":"

Bitcoin Price Prediction – October 29<\/strong><\/p>\n

The Bitcoin price is currently trading above the 9-day moving average after the king coin recovers from $60,188.<\/p>\n

BTC\/USD Long-term Trend: Bullish (Daily Chart)<\/h2>\n

Key levels:<\/p>\n

Resistance Levels: $68,000, $70,000, $72,000<\/p>\n

Support Levels: $56,000, $54,000, $52,000<\/p>\n

\"Bitcoin<\/a>
BTCUSD – Daily Chart<\/figcaption><\/figure>\n

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At the time of writing, BTC\/USD<\/a> is seen trading at $62,090 after soaring to $62,974 in the early hour of today’s trading. However, the first digital asset is also seen pulling back to where it is currently trading above the 9-day and 21-day moving averages which could head downwards if the bears step back into the market.<\/p>\n

Bitcoin Price Prediction: Bitcoin Price May Reclaim $65k<\/h2>\n

On the bullish side, it is important for the Bitcoin price to stay above the 9-day and 21-day moving averages, otherwise, there may come a bearish breakdown when BTCUSD falls below that barrier. The 9-day MA still remains above the 21-day MA as the technical indicator RSI (14) is preparing to cross above 60-level where an oscillation to the higher boundary may confirm the proper trend which is more likely a bullish trend at the time of the outcome.<\/p>\n

However, BTC\/USD may confirm the bullish trend if the market price moves above the previous high of $65,000. Meanwhile, the Bitcoin price may follow the bearish trend if the price moves below the 21-day moving average and move towards the lower boundary of the channel. Should this happen, the king coin may drop to the critical supports of $56,000, $54,000, and $52,000. If the RSI (14) moves above 60-level, a strong bullish spike may push the price towards the resistance levels of $68,000, $70,000, and $72,000.<\/p>\n

BTC\/USD Medium-Term Trend: Bearish (4H Chart)<\/h2>\n

According to the 4-hour chart, BTC is looking bullish as the market is following a bullish trend. However, the intraday trading is still looking bullish following the recent rebound at $62,278 which is now a key support level. The next key support levels are $61,000 and below.<\/p>\n

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BTCUSD – 4 Hour Chart<\/figcaption><\/figure>\n

However, considering the recent sharp rebound, the Bitcoin price may continue the bullish rally to $63,000 resistance. A climb above this level may further push BTC price to the resistance level of $64,000 and above. As it looks now, bulls are returning into the market gradually as the technical indicator Relative Strength Index (14) moves above 60-level.<\/p>\n

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