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BTC/USD Begins Fresh Rally to $60,000 Level

Bitcoin Price Prediction – October 14

The Bitcoin value is up by shifting shut to the channel because the coin strikes a sudden and bullish value spike.

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

Key ranges:

Resistance Levels: $64,000, $66,000, $68,000

Support Levels: $53,000, $51,000, $49,000

BTCUSD – Daily Chart

BTC/USD is pushing the worth above the essential resistance degree of $57,500. The coin is shifting in direction of $59,000 to commerce at $57,641 on the time of writing. However, the number-one crypto is shifting with sturdy bullish momentum after a sustainable break above an vital technical degree.

Bitcoin Price Prediction: Bitcoin (BTC) Ready to Blow Hot

As the Bitcoin value stays above the 9-day and 21-day shifting averages, the return beneath $57,000 might set the framework for good points in direction of $60,000. Meanwhile, the technical evaluation reveals that the bulls are prepared for motion particularly when the up-trending Relative Strength Index (14) is thought of. Therefore, any additional bullish motion above the higher boundary of the channel might pave the way in which for good points above $60,00 earlier than reaching the resistance ranges of $64,000, $66,000, and 68,000 respectively.

At the draw back, if the worth falls again beneath the $55,000 degree and transfer to cross beneath the 9-day shifting common, the bears might wrestle out management over the state of affairs in a short time as this may occasionally doubtless function a serious blow for the market sentiments as merchants might interpret it as an indication of underlying weak spot. Therefore, the following vital assist might come at $54,000, which can be adopted by $53,000, $51,000, and $49,000 assist ranges.

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

The 4-hour chart reveals that the market is at present exhibiting an indication of weak spot as the worth couldn’t spike in direction of the channel. However, the intraday buying and selling is wanting bullish however following the current rebound at $57,346 which is the important thing assist degree. If the coin retains buying and selling above the 9-day and 21-day shifting averages, it might meet the following key resistance degree at $61,000 and above.

BTCUSD – 4 Hour Chart

However, contemplating the sideways motion, the Bitcoin value might re-enter the bearish rally to $55,000 assist. A drop beneath the talked about assist might additional carry the Bitcoin value beneath the decrease boundary of the channel to hit the assist degree of $54,500 and beneath. In addition, the technical indicator Relative Strength Index (14) faces down, suggesting downward motion.

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