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BTC/USD Turning Bearish Below $61,500

Bitcoin Price Prediction – October 24

The Bitcoin value extends the bearish motion to the areas marginally beneath $60,500 after quite a few trials to maintain positive factors above $61,000.

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

Key ranges:

Resistance Levels: $68,000, $70,000, $72,000

Support Levels: $54,000, $52,000, $50,000

BTCUSD – Daily Chart

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BTC/USD falls towards $60,000 as the biggest cryptocurrency launched into a help smashing train after failing to maintain above $60,500. Therefore, the bearish management is seen throughout the market with different main digital property posting comparable losses as they commerce beneath the 9-day transferring common.

Bitcoin Price Prediction: Bitcoin (BTC) Could Drop More

The Bitcoin value is hovering at $60,300 with an intraday lack of 1.63%. The prevailing pattern is bearish with increasing volatility and the primary digital asset is possible to consolidate in a bearish flag sample. Meanwhile, a breakdown beneath the 21-day transferring common is supposed to proceed within the path of the earlier pattern. In this case, BTC/USD is anticipated to drop and keep beneath to hit the vital help ranges at $54,000, $52,000, and $50,000.

However, ought to Bitcoin value returns above the 9-day transferring common; the worth may rise to $65,000 important resistance. An extra bullish drive may push the worth to $68,000, $70,000, and $72,000 resistance ranges. The technical indicator Relative Strength Index (14) is revealing a steady bearish, which reveals that the market might stay on the draw back.

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

At the opening of the market right now, the Bitcoin value faces up to contact the resistance stage of $61,000 however begins to drop, bringing its value to commerce round $60,430. Meanwhile, ought to the worth drop beneath the decrease boundary of the channel, it may attain the help stage at $58,000 and beneath.

BTCUSD – Daily Chart

Moreover, if the bulls push the coin above the 9-day and 21-day transferring averages, the Bitcoin value may revisit the resistance stage of $62,500 and above. At the second, the market might start to transfer sideways or expertise extra downtrends because the technical indicator Relative Strength Index (14) stays beneath 55-level.

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