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

Mr. Plan ₿
2 min readOct 9, 2021

BTC is expected to reach a daily high of $56,000 as it approaches the channel, according to the Bitcoin price prediction.

BTC/USD Bullish Long-Term Trend (Daily Chart)
Levels of importance:

$60,000, $62,000, and $64,000 are the resistance levels.

$49,000, $47,000, and $45,000 in support

BTC/USD has continued to rise following a small drop yesterday, with the price rising from $55,365 to $53,379. BTC/USD achieved a high of just over $55,757 a few days ago before falling to a low of about $53,379 yesterday. The price of the top crypto asset, on the other hand, is currently moving north, and it has returned to levels reached just a few days ago.

Bitcoin Price Prediction: $60,000 Bitcoin Price

In the case of a reversal, Bitcoin price may need to climb above critical levels that might act as support zones. On the upside, as the coin advances and prepares to break over the channel’s upper border, little is in place to prevent a pullback toward the major resistance level of $57,000, as the technical indicator Relative Strength Index (14) stays above the 65-level.

Nonetheless, the king coin is counting on the $50,000 level of support to keep the Bitcoin price above $52,500 despite a pullback. Similarly, the nearest resistance levels are $60,000, $62,000, and $64,000, respectively, while the nearest support levels are 49,000, $47,000, and $45,000.

Bullish Medium-Term Trend in BTC/USD (4H Chart)

The price is on its way down on the 4-hour chart, with the Relative Strength Index (14) crossing below the 65-level to confirm the downtrend. Although bulls have been leading the market higher for some time, if the price falls below the 9-day and 21-day moving averages, the market is likely to face additional downtrends.

Meanwhile, if the market breaks below the 21-day MA, the support level of $52,000 and lower may come into play. However, if buyers can build enough energy to propel the market, the price may rise to the channel’s top border, where it could approach the objective resistance level of $57,000 or above.

--

--

Mr. Plan ₿

Passionate about personal development and crypto/stocks investments, I share valuable insights for your success . For collaborations vremaroiua.medium@gmail.com