Bitcoin Price Prediction – November 7
The Bitcoin price restarts the uptrend after crossing above the critical barrier of $62,000 to touch the daily high of $62,866.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $68,000, $70,000, $72,000
Support Levels: $57,000, $55,000, $53,000
BTC/USD looks green today as the price hovers above the resistance level of $62,500 from the low of $61,397. However, a daily close above the $62,000 level can continue to increase the Bitcoin price to $65,000. At the moment, all eyes focus on the next hurdle above the 9-day and 21-day moving averages as a consistent price increase may encourage more buyers to join the market if bulls increase their positions.
Bitcoin Price Prediction: Bitcoin Price May Jump to the Upside
At the time of writing, the Bitcoin price is moving slightly at its current price of $62,807 with two straight bullish days. According to the daily chart, this marks a meaningful climb from the opening price of $61,539 level; therefore, it is important to note that the current price movement may break towards the upper boundary of the channel.
Nevertheless, if the market decides to fall below the moving averages, the Bitcoin price could go towards the lower boundary of the channel, and before getting to this barrier, traders could have hit the support levels at $57,000, $55,000, and $53,000 respectively. All the same, any further bullish movement may push the coin to the resistance level of $68,000, $70,000, and $72,000 as the Relative Strength Index (14) moves to cross above 60-level, suggesting more bullish signals.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
According to the 4-hour chart, the Bitcoin price is hovering above the 9-day and 21-day moving averages as the intraday trading looks bullish facing the upper boundary of the channel to hit the resistance level of $64,000 and above.
However, if the buyers failed to keep pushing the market upward, traders can expect a retreat below the support level of $62,000, and breaking this level may further push the price below the 9-day and 21-day moving averages to reach the support level of $61,000 and below. Meanwhile, the Relative Strength Index (14) is seen moving above 60-level to enter into the overbought region.
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