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BTC Price Stalls at $63K, Pull Back to $57k Or New All time Highs?

BTC Price Stalls at $63K, Pull Back to $57k Or New All time Highs?


Bitcoin BTC’s dominance chart from a monthly time frame signals a regular bullish divergence setup of the RSI[4], suggesting an increase in demand for Bitcoin BTC over Altcoins in the crypto market. Also, crypto mining companies such as RIOT Blockchain [RIOT], Marathon Digital [MARA], Bitfarms [BITF], and HUt 8 Mining all saw a considerable price hike following the recent BTC-Bitcoin recovery from its short-term correction phase.

This week, we’ll cover the four significant time frames of the BTCUSDT, starting with the monthly chart, followed by the weekly, daily, and 4HR time frames.

BTC Price Prediction: Weekly Chart

The weekly time frame above reveals a regular bearish divergence with resistance set at the $6720.00 mark on the BYBIT crypto exchange.

Although the bears look forward to a price slump from the bearish signal, a price close above the $67K round number resistance and higher RSI readings above level-86 would bring the bearish divergence to null, which could lead to a further hike in BTC price.

A price close below the $57800.00 support should signal a slump in BTC price towards the $40K mark.

BTC Price Prediction: Daily Chart

Bullish momentum stopped the price pull-back of the BTCUSDT by signaling a hidden bullish divergence on 28 October ’21. A more recent break out of hidden inside-bar resistance could be the last straw that breaks the bears back, where we can see the price skyrocket above the 21 October ’21 resistance.

The bulls are obviously in control of the exchange rate from a daily time frame perspective considering that the RSI sows readings above level-25 since 23 July ’21.

BTC Price Prediction: 4 Hr Chart

After trading in a range-bound market structure on the intraday 4HR chart, the BTCUSDT exchange rate jumps above the significant bull-trap resistance on 25 October, suggesting that we may be seeing higher BTC prices in the coming days.

The last price hurdle in the path of the intraday bulls is the 20 October 16:00 resistance, where a price close above the level should hint at a parabolic trajectory for the BTCUSDT.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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