Bitcoin Price Analysis: Will BTC Be Able to Continue Its Rise Despite Its Daily Close Below Significant Support?


The leading cryptocurrency is Bitcoin (BTC), which fell below the price levels of $ 60,000, a significant level of psychological support, on Wednesday, October 27. Following this decline BTC, it has again risen above the $60,000 price levels.

Is the Recent Decline a Signal of a Long-Term Rise?

Despite the price drops in recent days Bitcoin, which continues the upward trend in the technical outlook. Sudden value losses here can also be considered a bullish signal. This idea can also be supported by the amounts of the “long position” before the fall. During bullish periods, there may be a lot of sudden declines in leveraged transactions resulting in high interest rates. Many analysts say that the last such decline was also pre-rise price movements.

Since bullish movements that are maintained without recording correction movements can lead to large post-bullish declines, these decadalizations are actually considered to be quite positive price movements for a longer-lasting bullish period.

Current Support and Resistance Levels

In order to make an estimate of the direction of movement of the price, it is necessary to follow many support and resistance levels here. For the continuation of upward price movements, it is important for the market that the leading crypto asset closes the day above the 63.000 dollar price level. As a support level, the leading crypto asset meets the price level of $ 58,000 first, and then the price level of $ 53,000 as a stronger support level.

At the time of writing, Bitcoin is trading at $61,000 price levels with a market capitalization of $1.15 trillion according to CoinMarketCap data.

The information contained in this article absolutely does not contain investment advice. Investors should know that crypto currencies have high volatility, so they carry risks, and they should conduct their transactions in accordance with their own research.

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