Bitcoin (BTC) price has remained spectacular after recapturing the psychological price level of $30,000 on October 23. Cryptocurrency price analysis brought by Coinidol.com.
Bitcoin price long-term forecast: bullish
The largest cryptocurrency then rebounded and reached a high of $35,199 before falling back on October 24. Recently, the bulls broke through the barriers at $31,000 and $32,400. In the event of a price decline, these major resistance levels become support levels. On the positive side, price indicators point to a further rise to a high of $37,000. Moreover, analysts believe that if Bitcoin falls back to the critical support levels of $31,000 and $32,400, buyers will push it to a high of $40,000. Meanwhile, Bitcoin has been oscillating below the $35,000 resistance level since October 24.
Bitcoin indicator reading
The largest cryptocurrency has entered the overbought zone of the market, indicating that the upward momentum is weakening. The price bars above the moving average lines signal that the cryptocurrency will continue to rise. Bitcoin has reached the overbought area of the market. Previously, the price of the cryptocurrency crossed the upper resistance level of $31,845 on July 13. That was the second highest level in 2023.
Key resistance levels – $30,000 and $35,000
Key support levels – $20,000 and $15,000
What is the next direction for BTC/USD?
Bitcoin reached a high of $35,199 before resuming its downtrend. The BTC price is moving sideways on the 4-hour chart and is below the $35,000 resistance. If the current resistance level is broken, the BTC price should continue to rise. The candlestick body of the October 24 upswing has tested the 78.6% Fibonacci retracement level. The retracement suggests that the BTC price would rise, but then reverse at the 1.272 Fibonacci extension or at $36,634.
On October 23, 2023 cryptocurrency analytics specialists of Coinidol.com stated that Bitcoin facing the resistance at $28,400 has limited the price’s upward movement since August 29. Nevertheless, the bulls broke through the resistance on October 29, paving the way for further gains.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
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