Bitcoin Price Prediction: BTC/USD Moves Close to $56,000 Resistance

Bitcoin Price Prediction – October 8

The Bitcoin price prediction shows that BTC moves to touch the daily high of $56,000 as the coin heads toward the channel.

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

Key levels:

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

Support Levels: $49,000, $47,000, $45,000

BTCUSD – Daily Chart

BTC/USD continues its upward movement after a brief dip yesterday bringing the price from $55,365 to $53,379. A couple of days ago, BTC/USD hit just over $55,757 before retreating to a local low of around $53,379 yesterday. However, the price of the leading crypto asset is now heading towards the north, in fact, it returns to above the price levels seen a couple of days ago.

Bitcoin Price Prediction: Bitcoin Price May Hit $60,000

The Bitcoin price may need to move above the crucial levels which could function as the support zones in the event a reversal occurs. On the upside, as the coin moves and prepares to break above the upper boundary of the channel, little is in place to prevent correction targeting the key resistance of $57,000 as the technical indicator Relative Strength Index (14) remains above 65-level.

Nevertheless, the king coin is banking on the support at $50,000 to ensure that in spite of a reversal, the Bitcoin price stays above the $52,500 level. Similarly, the nearest resistance levels are located at $60,000, $62,000, and $64,000 while the support levels to remains at 49,000, $47,000, and $45,000 respectively.

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

The 4-hour chart shows that the price is on its way down as the Relative Strength Index (14) is seen crossing below 65-level to confirm the downtrend. Although bulls have been keeping the upward movement for some time now, the market may likely experience more downtrends if the price slides below 9-day and 21-day moving averages.

BTCUSD – 4 Hour Chart

Meanwhile, the support level of $52,000 and below may come into play if the price breaks below the 21-day MA. But if the buyers can gather enough momentum to power the market; they can push the price towards the upper boundary of the channel where it could hit the targeted resistance level of $57,000 and above.

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