Technical Analysis

BTC/USD Analysis – October 22, 2021

By LonghornFX Technical Analysis
Oct 22, 20213 min

Bitcoin Price Prediction

The uptrend of Bitcoin to a new all-time high sparked a flood of activity throughout the market. Crypto assets such as Solana have recaptured levels not seen in months, extending the rise. Ethereum has nearly closed the gap to the all-time high, but it has now retreated to test support at $4,100.

Bitcoin is currently trading at $63,150, having lost over 2% of its value in the last 24 hours. The flagship cryptocurrency reached a fresh all-time high of $67,027, boosting investor confidence in the sector. Most analysts anticipate that Bitcoin will soar above $70,000 in the foreseeable future.

Since the inception of October, the cryptocurrency has increased by more than 50%, surpassing the market capitalization of tech titans such as Facebook and Tesla.

BTC continues to rise after breaching the $64,800 mark set in April and was trading over $66,000 on Thursday evening. It is a stunning comeback for bitcoin, which fell below $30,000 in July. However, later it fell to the $63,000 range on the back of profit-taking.

Other major cryptocurrencies have followed bitcoin's trend, most noticeably Ethereum (ether) and Solana (SOL), both of which are up more than 10% in the previous 24 hours. As a result of the price gains, the whole crypto market cap surpassed its previous record, reaching more than $2.6 trillion.

Several prominent cryptocurrency analysts predict bitcoin is now on the second big leg of a bull run that will bring it above $100,000 by the end of 2021. However, others have warned that another catastrophic meltdown is possible.

BTC/USD Intraday Technical Levels

Support Resistance

60909.99 65765.77

59227.30 68304.14

56371.50 69986.70

Pivot Point: 63765.70

BTC/USD - Technical Outlook

Bitcoin's price has slipped below the pivot point resistance level of 63,765.70 level amid profit-taking. On the 4-hour timeframe, the BTC/USD pair is gaining strong support at the 61,954 level and the closing of candles above this level is demonstrating weakness in the bearish bias. Therefore, Bitcoin’s prices are exposed to the 65,135 and 66,950 levels until they hold above 61,954 support.

A break below 61,954 levels exposes the pair towards 60,570 and 58,650 levels. However, the RSI is holding in a buying zone, supporting a bullish bias in Bitcoin. Alongside, Bitcoin has closed a Doji candle above the 61,954 level and bullish bias dominates due to this, especially above the 61,954 level. On the flip side, bearish bias will dominate upon the breakout of the 61,954 support level. All the best!


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