BTC/USD Analysis – October 08, 2021

Bitcoin Price Prediction

With a 17 percent increase in the last seven days, Bitcoin has risen above $55,000 in a bull run. Soros Fund Management, led by famed investor George Soros, said it was trading the cryptocurrency, accelerating the rise even higher.

The fund's chief executive, Dawn Fitzpatrick, told Bloomberg that the company has some coins, but not many, and that "the coins themselves are less fascinating than the use cases of DeFi and things like that."

After a prolonged dry run, Bitcoin surged nearly 6% in a single day to a five-month high, breaking the coveted $50,000 barrier for the first time in a month. Many experts believe that the market leader will reach an all-time high this month, as October has historically been a bullish month for the coin.

At writing, BTC/USD has fallen below $54,000 as purchasing pressure has waned. The Bitcoin price is currently hovering around $53,854.45 and is expected to produce a low near the $53,000 support level before stabilizing. Bitcoin is still trading over the 9-day and 21-day moving averages at writing, although it is down 2.68 percent.

Since the start of the day, the Bitcoin price has been correcting higher now. A definitive break above the $55,000 resistance level may increase buying pressure. On the other hand, Bulls will require tremendous liquidity and volume to break through the $57,000 highs and make a run for the $58,000 mark.

The technical indicator Relative Strength Index (14) has been spotted going below the 70-level from the overbought zone, as the abrupt downward slope is a clear indication of the influence that may allow bears to strengthen the pressure.

BTC/USD Intraday Technical Levels

Support Resistance

51944.6 57220.6

48558.3 59110.3

46668.6 62496.6

Pivot Point: 54380.3

BTC/USD - Technical Outlook

The leading cryptocurrency, Bitcoin, is trading with a solid bullish bias at the 54,445 level, facing immediate resistance at the 55,355 level. Most of the bullish buys in Bitcoin are fundamentally driven. Therefore, the odds of a bullish breakout remain high.

In the case of a bullish breakout of the 55,355 resistance level, the Bitcoin price will be exposed towards the next resistance level of 57,220. Moreover, the breakout of the 57,220 level exposes the cryptocurrency pair towards the next resistance level of the 55,110 level.

As we can see, the RSI and Stochastic are above 50; Bitcoin is trading in a buy zone. Therefore, the closing of Doji and Shooting Star candles above 55,355 resistance signals the chances of a bullish trend continuation in Bitcoin. Thus, the bullish bias dominates above 54,380 and vice versa. All the best!