BTC/USD Slumps Below $69,000 Level
Bitcoin Price Prediction – November 10
The Bitcoin price is retreating from the recent high of $69,000 but bulls may have trouble taking the market price above this level.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $74,000, 766,000, $78,000
Support Levels: $60,000, $58,000, $56,000
At the time of writing, BTC/USD is trading down by 2.02% at its current price of $65,592. This is the spot where the coin has been trading for the past few days, with the selling pressure seen in the $65,000 region. Moreover, where the coin may go next could depend on whether or not bulls can take control of it before it breaks below $64,000 or $62,000.
Bitcoin Price Prediction: What to Expect from BTC
On the upside, the Bitcoin price is likely to face sellers near the $65,000 zone. A clear close below the $63,000 support could most likely start a strong selling pressure. Meanwhile, the next target for the bulls could be $72,000 in the near term. Any more gains could lead the price towards the $74,000, $76,000, and $78,000 resistance levels.
However, if Bitcoin fails to clear the $67,000 resistance, it could correct lower and the first key support is located around the $63,000 level. Therefore, any more losses might call for a test of the $60,000 support level. If the bulls fail to defend the $58,000 support zone, the price is likely to dive towards the $56,000 support in the coming sessions.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
On the 4-Hour chart, BTC price hovers around $65,543 and may take time to persistently trade above $67,000. More so, if the bulls gather enough strength and regroup, the upward movement may be able to near the $68,000 and $70,000 resistance level.
On the downside, immediate support is around the $65,000 level while the main support is at the $64,000 level. The price may likely fall below $62,000 if the bears step back into the market, a further movement could test the critical support at the $60,000 level. Technically, Bitcoin is currently moving in bearish as the technical indicator Relative Strength Index (14) nosedives below 50-level, suggesting that more bearish signals may come to play in the market.
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