Bitcoin Price Prediction

The price of bitcoin has climbed by 35% in the last two weeks as investors gain confidence in the Securities and Exchange Commission's intentions for the many bitcoin ETF applications currently under consideration. However, market expectations for a Bitcoin ETF to be postponed until 2022 are driving the BTC/USD lower.

Bitcoin, the most popular cryptocurrency, plummeted to a new low of 53,909 on Tuesday. Fundamentals are driving the negative attitude, and this time it's Todd Rosenbluth of CFRA Research.

Crypto-asset traders may have to wait longer for a Bitcoin futures exchange-traded vehicle, as per Todd Rosenbluth, senior director of ETF and mutual fund research at CFRA.

While a Bitcoin futures product is anticipated to be the first crypto ETF to receive regulatory approval, Rosenbluth cautioned on CNBC's "ETF Edge" on October 12 that the current confused regulatory situation could cause more delays.

Well over 20 crypto asset-based exchange-traded vehicles have been denied approval by the Securities and Exchange Commission. Instead than kicking the can down the road on numerous occasions, the products that have been submitted.

The launch of a Bitcoin ETF is likely to be postponed until 2022.

To prevent a "first-mover advantage," the experts hypothesised that authorities may be waiting for all of these items to meet their objectives before authorising them all at the same time in order to avoid a "first-mover advantage."

"It's feasible — in fact, we believe it's likely — that a Bitcoin futures ETF will be delayed until 2022, until the regulatory landscape is clearer."

Jan van Eck, CEO of Van Eck Associates, has a position on exchange-traded funds (ETFs).

The SEC is most worried about price differences among BTC and futures, the potential for funds to blossom too large, and testing the limits on how many contracts they can possess, as per Van Eck Associates CEO Jan van Eck. The SEC is also concerned about the risk of cross-border investment, as per Van Eck Associates CEO Jan van Eck.

BTC/USD Intraday Technical Levels

Support Resistance

53598.1 57333.6

51870.3 59319.3

49874.7 61048.1

Pivot Point: 55594.7

BTC/USD - Technical Outlook

At the 56355 level, the prominent cryptocurrency BTC/USD is trading with a bullish trend. The pivot point mark of 55,868 was recently crossed above. Bitcoin has the ability to reach 57,827 on the upside.

Bitcoin has risen above 50 exponential moving averages on the two-hourly timescales, sustaining the BTC/USD at 55,868. A bearish breakdown below the 55,868 level might lead to selling all the way down to the 54,035 support level. Because the RSI supports an upward trend, the prospects of a bullish trend over the 55,868 mark remain high.

As we can see, the RSI and Stochastic are above 50; Bitcoin is trading in a buy zone. However, the formation of recent Doji and Shooting star candles below 57,233 demonstrates weakness in a bullish trend. Thus, the BTC/USD's bearish bias dominates below 55,600 resistance and vice versa. All the best!

Pivot Point Breakout at 1,755

Gold prices concluded at $1753.25 per ounce after reaching a high of $1758.65 and a low of $1751.20. Gold extended its loss on Monday and fell for the day, but it only fluctuated by $7 in a single day. The U.S. Dollar Index, which measures the greenback's value against a basket of six major currencies, was strong on Thursday, moving towards the 94.40 level, which provided more support to the U.S. dollar while keeping the yellow metal under pressure. The 10-year Treasury yield reached its highest level since May at 1.62 percent, bolstering the greenback's strength and contributing to the yellow metal's downward trend.

The U.S. market was closed on Monday due to a bank holiday around Columbus Day, resulting in low trading volume and, as a result, gold remained sluggish. There was no macroeconomic data release from the United States on Monday, so market players followed the prior trend.

Despite the dismal U.S. job growth data, the Federal Reserve's estimates of unwinding stimulus measures this year were unaffected on Friday. Some observers argued that the labor shortage was driving up wage pressures, which might increase inflation even further, and that the Fed would eventually have to reduce support measures.

Bullion is viewed as a hedge against inflation and currency depreciation caused by massive stimulation. However, as the Fed reduces its stimulus, the appeal of gold will wane. Despite a slowing in job gains last month, the market was still going to the downside as the Fed's chances of lowering economic assistance remained high.

According to Friday's Non-Farm Payroll statistics, 194,000 jobs were added in September, falling short of economists' projection of 500,000. Meanwhile, the unemployment rate has fallen to an 18-month low of 4.8 percent, and wage growth has accelerated.

This pushed the dollar to its highest level in roughly three years versus the safe-haven currency, the yen, while the benchmark 10-year Treasury yield also reached its highest level since late May, raising the opportunity cost of storing metal, which pays no interest.

GOLD Intraday Technical Level

Support Resistance

1748.50 1759.55

1743.75 1765.85

1737.45 1770.60

Pivot Point: 1754.80

GOLD - Technical Outlook

During the Asian trading session on Tuesday, gold was trading with a slight bullish bias at the 1760 level.It has already violated an intraday pivot point level of 1755, indicating bullish sentiment in the market.

On the upside, gold is anticipated to encounter immediate resistance around 1765, while a break above 1765 might push gold prices to the following resistance levels of 1770. Gold is now holding at 1760 and it may find immediate support at 1759, which is being extended by a triple top pattern. This triple top pattern was violated during the Asian session, and now it’s working as a support for the gold.

Below this pivot point, the 50-day SMA (simple moving average) provides immediate support at 1755. Gold's bullish bias remains strong above 1,759 and vice versa.

All the best!

Pivot Point Resistance at $1.1562

The EUR/USD pair ended the day at $1.1551 after reaching a high of $1.1588 and a low of $1.1549.The EUR/USD pair declined and extended its loss for the second consecutive session on Monday amid the stronger U.S. dollar in the market.

The greenback was high against its rival currencies at 94.40 amid expectations of tapering stimulus measures by the Federal Reserve despite dismal jobs data on Friday. Furthermore, the 10-year Treasury note yield rose to its highest level since late May, reaching 1.62%, providing additional support to the U.S. dollar, dragging the EUR/USD pair lower.

The currency pair EUR/USD was also lower on the board as the risk-off mood surrounded the whole market and weighed on riskier assets. The China-linked fears joined Brexit headlines, and mixed concerns about Fed tapering after a slowdown in jobs growth added pressure on risk appetite.

The market sentiment was challenged by the fresh Sino-American tussle over phase-one deal commitments. The challenges that Hong Kong and Taiwan have faced from China have also reduced risk appetite and weighed on a riskier asset like the EUR/USD.

Furthermore, the market participants were perplexed by the disappointing U.S. Nonfarm Payroll and the favorable unemployment rate and average earnings. Some believe that dismal payroll data will have a negative impact on the U.S. dollar as the Fed might not go for tapering. Whereas some believe that the Fed will go through tapering this year despite dismal jobs data, This confusion also kept risk appetite lower in the market, and hence, EUR/USD remained on the back foot.

There was no macroeconomic data release from the U.S. amid bank holidays due to Columbus Day on the data front. However, from the European side, at 13:00 GMT, the Italian industrial production from August dropped to-0.2% against the forecasted-0.4% and supported the single currency Euro and capped further loss in the EUR/USD pair.

Meanwhile, the Euro, the single currency, was already under pressure due to the prevailing energy crisis on the continent. Additionally, ECB President Christine Lagarde said on Friday that rising energy prices and supply disruptions could hold back growth. There was a need to manage the exit from the pandemic carefully. These concerning comments from the central bank president added further pressure on the single currency and dragged the EUR/USD pair further to the downside.

EUR/USD Intraday Technical Levels

Support Resistance

1.1536 1.1575

1.1523 1.1601

1.1496 1.1615

Pivot Point: 1.1562

EUR/USD - Technical Outlook

On Tuesday, the EUR/USD currency pair is trading at 1.1566 level and it’s gaining immediate support at 1.1549 level. On the hourly chart, the upward channel supports the EUR/USD at the 1.1549 level. A closing of a bullish engulfing candle is supporting buying trend in the EUR/USD pair. However, the intraday pivot point is likely to be working as a hurdle at 1.1562 level.

The breakout above the 1.1562 level exposes the EUR/USD towards the 1.1575 level, and the continuation of the further upward trendline exposes the pair towards the 1.1586 level. On the downside, the breakout of the 1.1549 support level exposes the EUR/USD towards the next support areas of 1.1537 and 1.1496.

The RSI and MACD are in support of a buying trend. Therefore, the bullish bias dominates above the 1.1562 level today. All the best!

Bitcoin Price Prediction

The BTC/USD was last seen at $57,468.0, with a high of $57.802.5 and a low of $54,430.0.On Monday, BTC/USD was high as it moved to its highest level since early May, reaching near the $58,000 level. On Monday, a Bitcoin and crypto marketplace and custodian, Bakkt, declared a partnership with Google to spread the scope and usability of digital assets to meet swiftly evolving customer demand.

Given this partnership, Bakkt users will now be able to add their virtual Visa Debit cards to Google Pay to purchase goods and services in-store and online, wherever GooglePay is accepted. Bitcoin payments will be converted into fiat to make the purchases.

A professional soccer player, Alex Grognale, became the first player in the United Soccer League to get paid in bitcoin. He took a total of 15% of his salary in bitcoin last month, and the exchange was made through bitcoin payroll service Bitwage. Grognale said that he has been buying bitcoin since 2020 through various exchanges, but the experience of using the Bitwage platform was easier and the transactions cost-free. He said that his percentage of the salary was directly deposited into his wallet.

Meanwhile, 2B4CH, a Swiss non-profit think tank assisting the state in exploring cryptocurrencies and blockchain technologies, announced the launch of an initiative that could make Bitcoin one of the country's reserve assets. The association announced plans on Friday to start a popular federal initiative by collecting 100,00 signatures for the introduction of bitcoin to article 99 clauses 3 of the Swiss federal constitution.

Furthermore, Alexander Hoptner, BitMEX CEO, recently predicted that countries in the developing world would soon follow El Salvador's footsteps and make Bitcoin legal tender. He expressed support for the latest move by El Salvador to adopt Bitcoin as legal tender in September and predicted that more developing countries would also follow the move.

He foretold that by the end of the next year, at least five countries would have to accept bitcoin as legal tender and all of them will be developing countries. He provided three main reasons for developing countries adopting bitcoin as legal tender: the expanding need for more affordable and faster international remittances, heavy inflation, and political issues. All of the events mentioned above were helpful to Bitcoin in moving upside on Monday as they all were favorable to the ecosystem of Bitcoin.

BTC/USD Intraday Technical Levels

Support Resistance

55331.1 58703.6

53194.3 59939.3

51958.7 62076.1

Pivot Point: 56566.8

BTC/USD - Technical Outlook

The technical side of the BTC/USD is mostly unchanged as the market seems to wait for a bearish correction before placing further bullish bets in Bitcoin. The leading cryptocurrency, Bitcoin, continues trading with a bullish bias at the 56,458 level, facing immediate resistance at the 56,956 level. In the case of a bullish breakout of the 56,956 resistance level, the Bitcoin price will be exposed towards the next resistance level of 57,885. Moreover, the breakout of the 56,027 support level exposes the cryptocurrency pair towards the next support level of the 55,430 level.

As we can see, the RSI and Stochastic are above 50; Bitcoin is trading in a buy zone. However, the formation of recent Doji and Shooting star candles is driving bearish bias for Bitcoin. The BTC/USD's bullish bias dominates above 56,450 support and vice versa. All the best!

Upward Trendline Support

Gold prices concluded at $1757.40, with a high of $1782.40 and a low of $1753.60. Gold reached its 12-day high on Friday, despite the poor jobs report from the U.S. Labor Department, but it fell back due to rising U.S. Treasury yields.

Gold has moved approximately $40 this week, appearing to be moving towards the $1800 level at one time before reverting to the mid-$1700 levels. The U.S. Dollar Index, which measures the greenback's value against a basket of six major currencies, dipped to 93.94 on Friday, weighing on the U.S. dollar.

The 10-year Treasury yield in the United States has achieved its highest level since May 30, at 1.61 percent.

The poor September jobs report propelled gold higher in the market, but a jump in yield capped any gains and brought yellow metal lower. Gold prices rose due to the abysmal growth in non-farm payrolls in September, which totaled 194K below the projection of 500K and fell short of the previous month's 235K.

The lackluster September job growth signaled that the Federal Reserve might not proceed with unwinding its pandemic-era monthly boost of $120 billion in bond purchases. However, the NFP data was released, but the unemployment rate fell in the same month and strengthened the U.S. dollar, limiting the day's gains in gold prices.

At 00:00 GMT, the Consumer Credit from August fell to 14.4 billion, vs. the anticipated 17.4 billion, weighing on the U.S. dollar and supporting gold prices. At 17:30 GMT, the September Average Hourly Earnings increased to 0.6 percent, versus the projected 0.4 percent, helping the U.S. dollar and limiting further increases in gold. The Non-Farm Employment Change fell to 194K from 490K expected, weighing on the U.S. dollar and pushing gold higher. The unemployment rate also fell in September to 4.8 percent, below the anticipated 5.1 percent, bolstering the U.S. currency and limiting the rise in gold prices. Final Wholesale Inventories were 1.2 percent more than expected at 19:00 GMT.

Furthermore, the U.S. dollar was lower on board due to the standoff over lifting the debt ceiling. According to U.S. Treasury Secretary Janet Yellen, the failure to raise the debt ceiling would be a catastrophe. On Thursday, the Senate reached a deal to hike the debt ceiling by $480 billion to pay the nation's bill through December 3.

GOLD Intraday Technical Level

Support Resistance

1746.28 1774.19

1735.89 1791.71

1718.37 1802.10

Pivot Point: 1764.68

GOLD - Technical Outlook

Gold is trading with a slight bearish bias at the 1755 level and below an intraday pivot point of 1763, indicating a bearish bias for the precious metal gold.

On the upside, gold is anticipated to encounter immediate resistance around 1763, while a break above 1763 might push gold prices to the following resistance levels of 1773 and 1779. While gold is now bearish, it may find immediate support at 1753, which is being extended by an upwrd trendline on the 4-hour timeframe.

Below this pivot point, the 50-day SMA (simple moving average) at 1751 provides immediate support. Gold's bullish bias remains strong above 1,749 and bearish below the same level as the market is pricing in stronger than expected U.S. unemployment rate and wages data.

All the best!

Pivot Point Resistance at $1.1567

During Monday's Asian trading session, the EUR/USD currency pair succeeded in stopping its previous-session downward rally and drew some fresh modest bids around the $1.1585 level, even after the risk barometer represented the market's indecision amid mixed clues concerning the US Federal Reserve's (Fed) next moves and the China-linked headlines.

In addition to this, the broad-based US dollar strength, backed by risk-off sentiment, has also failed to have any meaningful bearish impact on the EUR/USD currency pair so far. Other than the US dollar's performance, a lack of transparency among the European Central Bank (ECB) board members concerning the central bank's next move seems to weigh on the EUR/USD prices. Alternatively, the modest upticks in the currency pair were mainly sponsored by the recently improving covid conditions in Europe. Meanwhile, the hopes for more stimulus in the US seem to challenge the market risk-of mood, which may further support the EUR/USD currency pair.

At this particular time, the EUR/USD currency pair is trading at 1.1585 and consolidating in the range between 1.1564 and 1.1588. Despite the optimism over the improving covid conditions in the West, the market trading sentiment failed to stop its early-day bearish performance. The mixed clues concerning the US Federal Reserve's (Fed) next moves and the China-linked downbeat headlines tend to undermine the market trading sentiment.

On the other hand, the long-lasting Sino-American tussles over phase one deal commitments put some further downside pressure on the market. Moreover, Hong Kong and Taiwan face challenges from China and add to the risk-off mood. Other than the US-China headlines, a lack of clarity among the European Central Bank (ECB) board concerning the central bank's next move joins the policymakers' reflation fears to weigh on the market trading mood. However, the negative appearance of the US stock futures tends to highlight the risk-off sentiment, which was seen as one of the major events to put pressure on any further gains in the EUR/USD currency pair.

The broad-based US dollar extended its early-day bullish rally and rose sharply against its major peers on the first day amid risk-off market sentiment. Furthermore, the uptick in the US dollar was further bolstered by the upbeat prints of September's Unemployment Rate and Average Hourly Earnings. The Unemployment Rate fell to 4.8%, against 5.1% expected and 5.2% prior, soothing the pains, while Average Hourly Earnings also surged past 0.4% expected and revised down previous readouts of 0.4% to 0.6%. Thus, the US dollar bullish bias capped the upside for the EUR/USD pair.

Alternately, the recently improving COVID conditions in Europe seem to put some breaks on the currency pair's initial downside bias. Meanwhile, the US debt ceiling extension and hopes for more stimulus keep challenging the market's upbeat mood, which was one of the key factors that pushed the EUR/USD currency higher.

Given the thin calendar and US holiday, risk catalysts will be the key for fresh momentum ahead of Wednesday's inflation data from Germany, the US, and Federal Open Market Committee (FOMC) Minutes for the latest monetary policy meeting.

EUR/USD Intraday Technical Levels

Support Resistance

1.1548 1.1593

1.1522 1.1612

1.1503 1.1637

Pivot Point: 1.1567

EUR/USD - Technical Outlook

On Monday, the EUR/USD currency pair is trading at 1.1586 level and it’s gaining immediate support at 1.1567 level. This particular support is extended by an intraday pivot point level of 1.1563, as we can also see on the chart above. A break below this level exposes the pair to the 1.1548 and 1.1522 levels. On the higher side, the breakout of the 1.1586 level exposes the EUR/USD pair towards 1.1612 and 1.1637.

On Monday, the market priced in the better-than-expected unemployment rate and average hourly earnings data from the United States. While the EUR/USD is being supported by worse-than-expected nonfarm payroll data.

The RSI and MACD are in support of a buying trend. Therefore, the bullish bias dominates above the 1.1567 level today. All the best!

Bitcoin Price Prediction

The BTC/USD coin pair maintained its early-day bullish bias and drew further heavy bids around the $56,500 level. Bitcoin is still showing positive signs above $56,000 against the US dollar. It could accelerate even higher if there is a clear break above the $56,500 resistance zone. At the same time, the price remained in a positive zone and climbed above the $56,000 resistance. BTC even broke the $56,500 resistance level and settled above the 100 hourly simples.

On the contrary, the BTC could correct lower if it fails to clear the $56,500 resistance zone. The following support stays near the $55,000 level. The first significant support is now forming near the $54,500 level. The next adequate support is near the $54,000 level, below which there is a risk of a larger decline. At this time, BTC/USD is trading at $56,386.3, having gained over 1.58% in 24 hours. The BTC's current market ranking is 1, with a live market cap of USD 1,065,578,155,437. It has a circulating supply of 18,840,512 BTC coins and a max. supply of 21,000,000 BTC coins.

However, the reason behind Bitcoin's upward rally could be attributed to the bullish crypto market. This was witnessed after reports revealed that around five countries would accept Bitcoin as legal tender by the end of next year. Apart from this, Elon Musk is bullish (again), saying: "It's not possible to destroy crypto". These positive remarks in favor of the crypto world were seen as key factors that kept BTC prices higher.

Being CEO of Tesla and Chief Engineer of SpaceX, Musk was invited to be a speaker at last week's Code 2021 ceremony in Beverly Hills, which Vox Media sponsored. During his remarks answering questions as to whether or not governments should regulate blockchain and the crypto space, Musk flat out replied, "I would say, governments should 'Do nothing.'" He added further, "It is not possible to destroy crypto, but governments can slow down its progress." Lastly, the broad-based US dollar extended its early-day bullish rally and rose sharply against its major peers on the day.

BTC/USD Intraday Technical Levels

Support Resistance

52976.14 55430.59

52047.53 56956.43

50521.69 57885.04

Pivot Point: 54501.3

BTC/USD - Technical Outlook

The leading cryptocurrency, Bitcoin, continues trading with a solid bullish bias at the 56,558 level, facing immediate resistance at the 56,956 level. Most of the bullish trend is due to optimistic fundamentals driven by revolving in the market. Therefore, the odds of a bullish trend's continuation remain high.

In the case of a bullish breakout of the 56,956 resistance level, the Bitcoin price will be exposed towards the next resistance level of 57,885. Moreover, the breakout of the 56,027 support level exposes the cryptocurrency pair towards the next support level of the 55,430 level.

As we can see, the RSI and Stochastic are above 50; Bitcoin is trading in a buy zone. Therefore, the closing of bullish engulfing and a marubozu candle above 55,430 support signals the chances of a bullish trend continuation in Bitcoin. Thus, the bullish bias dominates above 56,027 and vice versa. All the best!

Symmetrical Triangle & US Nonfarm Payroll in Play

During early Friday, gold consolidated weekly losses despite taking bids to refresh intraday high of $1,758, up 0.10 percent on the day. Although the improved market attitude supports gold buyers, the metal remains trapped in a short-term trading range due to pre-NFP nervousness.

Risk appetite improves as the U.S. Congress passes legislation to extend the debt ceiling by $408 billion until early December 2021. On the same theme, there were favorable reports about Sino-American relations and the People's Bank of China's (PBOC) willingness to maintain financial markets liquid.

On the contrary, the Fed's tapering troubles, combined with stronger data signals for the U.S. Nonfarm Payrolls (NFP), which are due out today, kept bulls on the defensive mode. The headline Nonfarm Payrolls (NFP) are expected to climb by 488K from 235K previously, while the Unemployment Rate is anticipated to drop to 5.1 percent compared to 5.2 percent before.

It's worth noting that the U.S. Dollar Index (DXY) is struggling for new hints, despite U.S. 10-year Treasury yields jumping 1.8 basis points to 1.59 percent by press time after reaching a four-month high the day before. Furthermore, Wall Street had another intense day by the end of Thursday, and S&P 500 Futures are expected to follow suit at the latest.

Moving on, gold prices may experience some volatility ahead of the significant U.S. jobs report for September, but the bulls face a difficult path to the north thus far. As a result, stronger employment data from the United States may exacerbate difficulties for gold buyers.

GOLD Intraday Technical Level

Support Resistance

1751.69 1771.64

1738.82 1778.72

1731.74 1791.59

Pivot Point: 1758.77

GOLD - Technical Outlook

On Friday, gold is trading with a bullish bias at the 1759 level. It is currently trading above an intraday pivot point of 1758, indicating a bullish bias for the precious metal gold.

On the upside, gold is anticipated to encounter immediate resistance around 1764, while a break above 1764 might push gold prices to the following resistance levels of 1773 and 1779. While gold is now bearish, it may find immediate support at 1758, which is being extended by a pivot point.

Below this pivot point, the 50-day SMA (simple moving average) at 1751 provides immediate support. Gold's bullish bias remains strong above 1,751 and bearish below the same level ahead of the nonfarm payroll numbers for the United States. All the best!

Upward Channel Support ahead of Nonfarm Payroll

The ETH/USD was closed at $3,586.00 after placing a high of $3,650.18 and a low of $3,473.47. The ETH/USD continued its decline and dropped to its lowest since the mid of July 2020 amid the increased demand for the U.S. dollar and reduced risk appetite in the market. The price of Ethereum (ETH/USD) is largely stable as investors await the latest American nonfarm payroll data, which is ready to be released on Friday. Ether is currently trading at $3,574, significantly down from this week's high of $3,653.

Ethereum is a blockchain project that has developed to become one of the industry's most useful. The ecosystem enables developers to create various applications, including non-fungible tokens (NFT), decentralized finance (DeFi), and games. On Ethereum's network, some well-known cryptocurrencies, such as Shiba Inu, are constructed.

The price of Ethereum has grown in recent weeks as interest in cryptocurrencies has returned. It has surged by more than 35% since its low point this week. Because of this bounce, its entire market valuation has risen to more than $420 billion, making it the second-largest cryptocurrency.

Ethereum has recently gained significantly for a variety of reasons. First and foremost, the price motion is consistent with what Bitcoin has done. BTC, the world's largest cryptocurrency, has risen to more than $54,000 after Soros Fund Management revealed a position.

Second, the price of ETH has surged because of increased network activity. The entire wealth held in Ethereum's Defi ecosystem has risen to well then $142 billion in recent days. This is a significant figure, given that the industry was non-existent only a few years ago.

Finally, the price increased when it became clear that more institutions were purchasing the currency. For example, US Bancorp said this week that it would begin offering custody services to institutional clients. It joins other large corporations like Fidelity in providing these services.

The employment figures will influence today's Ethereum price in the United States. These figures are significant because they have an impact on the Fed's decision. As a result, good figures could imply that the Fed would retain its aggressive approach.

ETH/USD Intraday Technical Levels

Support Resistance

3510 3682

3403 3745

3339 3853

Pivot Point: 3574

ETH/USD - Technical Outlook

On Friday, the ETH/USD pair is trading with a strong bullish bias at 3,638 level and it’s gaining immediate support at 3,574 level. Such support is extended by an intraday pivot point level. A break below this level exposes the pair to the 3,510 and 3,403 levels. On the higher side, the breakout of the 3,682 level exposes the ETH/USD pair towards 3,745 and 3,853.

The ETH/USD pair is currently closing "Three White Soldiers". That suggests strong upward movement in the market. Alongside, the RSI and Stochastic are also holding in a buying zone (above 50), supporting a strong bullish bias in the ETH/USD.

Investors will be keeping their eyes on US Nonfarm Payroll data during the US session. Moreover, the bullish bias dominates over the 3574 level and vice versa. All the best!

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!