Bitcoin (BTC) Price Prediction: BTC/USDT May Recover Towards Higher Price Levels
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Bitcoin (BTC) Price Prediction: October 9
After Bitcoin recovered support above the $60,000 price level, the market has struggled to surpass the $64,000 threshold significantly. As a result, the coin has retreated to lurking below $63,000 recently. However, the ongoing session has managed to maintain the view that upward forces aren’t completely exhausted.
BTC/USDT Long-term Trend: Bullish (Daily Chart)
Key Price Levels:
Resistance: $65,000, $70,000, $75,000
Support: $60,000, $55,000, $50,000
Ever since price activity in the Bitcoin daily market surged and briefly crossed the $64,000 threshold in the past two sessions, price action has assumed a calmer stance. Consequently, the market can be seen hovering just below the middle limit of the Bollinger Bands (BB) indicator. Meanwhile, the ongoing session appears green despite being below the middle limit of the BB indicator. The Stochastic Relative Strength Index (Stochastic RSI) lines are delivering a bearish crossover on their way toward the 40 mark on the indicator.
Bitcoin (BTC) Price Prediction: BTC/USDT Bulls Appear Challenged
Although the ongoing session maintains that upward forces are still in control, it appears they are doing so weakly. The last price candle on the chart shows low market participation, and it is still below the middle limit of the BB indicator. Consequently, this signals that the market needs more support from buyers to at least secure support above the middle limit of the BB indicator.
The Stochastic RSI indicator has delivered a bearish crossover, mostly due to the bearishness experienced over the past two sessions. Currently, the ongoing session is bullish, and the indicator’s lines seem to be trending sideways. This suggests that bulls may be preparing to push the market further.
Bitcoin (BTC) Price Prediction: BTC/USDT Mostly Consolidates Above the $62,000 Price Level (4-Hour Chart)
Price activity in the Bitcoin 4-hour market can be seen consolidating just above the $62,000 price level. The previous session was bullish, which brought the market slightly above the $62,000 threshold. However, the last price candle on the chart appears solid red, suggesting that downward forces are prepared to limit upside progress.
Yet, the Stochastic RSI indicator has delivered a bullish crossover in the oversold region. The market seems somewhat mixed at this point. However, it does appear that price action may progress, given that upward forces are having a greater effect. Therefore, traders can aim for a breakout through the $63,000 price threshold, which could propel the market toward the $64,000 price level.
