Bitcoin Price Prediction: BTC/USD Bulls Conquers $56,000

Bitcoin Price Prediction – October 11

The Bitcoin price prediction focuses at the upside as the king coin rallies above the resistance level of $56,000.

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

Key levels:

Resistance Levels: $60,000, $62,000, $64,000

Support Levels: $51,000, $49,000, $47,000

BTCUSD – Daily Chart

BTC/USD is currently trading at 3.36% higher on the day as the market opens the session at $54,683 and now adjusting upwards to the prevailing market value of $57,054. The first digital coin is moving within the short-term bullish trend amid low volatility. The current conditions imply that the coin may increase their movement during the next trading hours as the coin moves above 9-day and 21-day moving averages. Meanwhile, the technical indicator Relative Strength Index (14) may cross into the overbought region.

Bitcoin Price Prediction: BTC Price May Soon Reach $60,000

At the opening of the market today, after testing the low of $54,411, the Bitcoin price is currently trading at $56,530. Meanwhile, looking at the market movement, there is likely that the market may experience a quick retracement or sell-off just after touching the crucial $57,000, and traders may see $56,000 to $55,500 being tested again before pushing higher.

On the downside, if the market decides to fall, the price of Bitcoin could fall below the 9-day moving average at $57,000, and if that support fails to hold the sell-off, traders could see a further decline towards the lower boundary of the channel for it to hit the support levels of $51,000, $49,000 and critically $47,000. All the same, any further bullish movement towards the upper boundary of the channel may locate the resistance levels at $60,000, $62,000, and $64,000.

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

On the 4-hour chart, we expect the coin to gain the lost momentum and hit the trade above $57,000. However, as the volatility hovers, the selling pressure could still exist which may lead the coin not to be able to cross above the upper boundary of the channel. Meanwhile, the $54,500 and below may come into play if BTC breaks below lower boundary of the channel.

BTCUSD – 4 Hour Chart

However, in as much as the buyers can still reinforce and power the market, traders may expect a retest at $57,000 resistance level, and breaking above this level may further allow the bulls to reach the resistance level of $59,000 and above. More so, the technical indicator Relative Strength Index (14) is seen trading below 70-level.

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