BTC/USD Turning Bearish Below $61,500
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
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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.
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.
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