Bitcoin Price Prediction

BTC/USD ended the day at $64,954.0, having reached a high of $68,925.0 and a low of $63,123.0.However, BTC/USD touched its new all-time high on Wednesday, but it could not remain there for long as profit-taking prompted and dragged its prices to the downside. Although the prices declined on Wednesday, the leading cryptocurrency managed to close its day above the $64,000 level amid the recent positive momentum across the cryptocurrency market.

The renewed upward pressure on BTC/USD was triggered by increased concerns about rising inflation, following data from the United States Labour Department showing that consumer prices in the United States increased at the fastest rate since 1990. The cryptocurrency has been enhancing its reputation as an inflation hedge and store of value, or digital gold, given its limited supply and its outsized returns over a long period.

On Wednesday, Bitcoin reached its new all-time high level but slipped from record highs as investors continued to move their BTC from exchanges to private storage, which pointed towards an ongoing investor's appetite to hold the popular crypto for the long term.

Bitcoin's price has failed to break through the $66,000 resistance level. As a result, BTC fell underneath the $65,500 support level, resulting in a bearish reaction.

The price fell sharply below the $65,000 support level and the 100 hourly SMA (simple moving average). Furthermore, on the hourly chart of the BTC/USD pair, there was a breach below a strong bullish trend line with the support of around $66,500.

The pair gained momentum underneath the $65,000 support level, and the price fell towards $63,000. The price has hit a low near $62,700 and is now consolidating losses. There was a rebound wave above the recent slide's 23.6 percent Fib retracement level from the swing high of $68,991 to the low of $62,700.

BTC/USD Intraday Technical Levels

Support Resistance

62409.6 68211.6

59865.3 71469.3

56607.6 74013.6

Pivot Point: 65667.3

BTC/USD - Technical Outlook

On the upswing, an immediate resistance level is near $64,800. The first big resistance is located near $65,000 and the 100 hourly SMA. The biggest resistance is currently building near $65,800.

It is near the 50% Fib retracement mark of the latest slide from the swing high of $68,991 to the low of $62,700. A decisive break above the $65,800 resistance level may signal the start of a new uptrend. The next significant resistance is located near the $67,500 level. If bitcoin fails to break over the $65,000 resistance level, it may extend its downward trend. On the downside, immediate support is approaching $63,500. The first significant support is already emerging near $63,000. The next significant support is near $62,500, below which the price may fight to stay just above $62,000 support zone. All the best!

Gold’s Daily Price Analysis

Gold prices closed at $1830.80 after setting a high of $1834.80 and a low of $1821.00. On Tuesday, gold advanced for the 4th consecutive session on Tuesday and reached its highest since September 7th on the verge of a weak greenback. The US dollar index, which measures the greenback's value against the basket of six major currencies, dipped on Tuesday for the third consecutive session and reached the 93.88 level, which ultimately weighed on the US dollar and supported gold prices for the day. The yield on the benchmark 10-year note in the United States fell to 1.41% on Tuesday, the lowest since September 23rd, adding pressure to the US dollar and providing additional support to gold.

The weak US dollar against its rival currencies made bullion less expensive for holders of other currencies and pushed gold higher on Tuesday. Furthermore, the gold appeal was lifted higher as key central banks indicated interest rates would remain low in the near term, which pushed the precious metal to its best week since late August.

On the data front, at 16:00 GMT, the NFIB Small Business Index dropped to 98.2 from the expected 99.4 and weighed on the US dollar, which added further gains in gold prices. At 18:30 GMT, the PPI remained flat with an expected 0.6%. The Core PPI fell to 0.4% from the anticipated 0.5%, which added pressure on the US dollar, dragging gold prices even further to the downside.

Meanwhile, as the major central banks worldwide indicated that they would not increase interest rates in the near term, inflation concerns surged in the market. Persistent inflation concerns raised uncertainty in the market and supported the safe-haven metal on Tuesday, which reached its 2-month highest level.

Meanwhile, the daily coronavirus cases have reached their highest since the pandemic began in Greece in February 2020. Hospitals around the country came under pressure from rising infections and raised concerns around the region. On the UK front, the country recorded another 32,322 coronavirus cases and 57 deaths on Tuesday.

Despite the opening of economies and vaccine inoculations worldwide, the rising number of cases across different regions added to the concerns, supported the risk-off market sentiment, and pushed gold prices higher on Tuesday.

GOLD Intraday Technical Level

Support Resistance

1822.94 1836.74

1815.07 1842.67

1809.14 1850.54

Pivot Point: 1828.87

GOLD - Technical Outlook

On Wednesday, gold’s bullish trend seemed to get weaker below the $1,833 resistance level. The closing of a bearish engulfing candle below the 1,832 level also reveals a weakness in the bullish trend. Typically, a bearish engulfing candle drives a sell in the market. On the bullish side, the XAU/USD’s next resistance is at the 1,833 level, which is extended by an upward channel.

Whereas gold’s immediate support prevails at the 1,827 level, which is being extended by an intraday pivot point level. A break below this level has the potential to extend the selling trend to the 1,822 (23.6% Fibonacci retracement level) and 1,814 (38.2% Fibonacci retracement level). Conversely, a breakout of the 1,833 level exposes gold towards the 1,840 resistance level. Hence, the bearish bias dominates below the 1,828 level and vice versa. All the best!

Eyes on US CPI Figures

The EUR/USD closed at $1.1591 after setting a high of $1.1609 and a low of $1.1569. The EUR/USD pair extended its gains and pushed its prices higher for the third consecutive session as the US dollar was weak across the board. The US Dollar Index, which measures the value of the greenback against a basket of six major currencies, fell on Tuesday to 93.88 levels as Fed Chairman Jerome Powell said on the day that the central bank was looking at a wide range of indicators in gauging how close the economy was to reaching full employment.

The dollar was low on board even though the Fed will begin later this month to remove the first pillar of extraordinary stimulus it introduced in March 2020 to shield the economy from the COVID-19 pandemic when the massive bond-buying starts tapering. At 12:05 GMT, the German Trade Balance was 13.2B against the forecasted 14.2B and weighed on the single currency Euro, which capitulated further gains in the EUR/USD pair. At 12:45 GMT, the French trade balance declined to -6.8B against the forecasted-7.0B and supported the single currency euro, adding further gains in EUR/USD. At 15:00 GMT, the ZEW Economic Sentiment surged to 25.9 against the projected 20.6 and supported the Euro. That added support to the currency pair EUR/USD. The German ZEW Economic Sentiment surged to 31.7 against the forecasted 20.3 and supported the Euro, further gaining the EUR/USD pair.

On the US front, at 16:00 GMT, the NFIB Small Business Index declined to 98.2 against an estimated 99.4 and weighed on the US dollar, which added further gains in EUR/USD. At 18:30 GMT, the PPI remained flat with projections of 0.6%. The Core PPI decreased to 0.4% from the forecasted 0.5%, which added pressure on the US dollar, which pushed EUR/USD higher.

On Tuesday, the European Central Bank said that the demand for eurozone real estate was likely to remain high, driving up prices and raising affordability issues for poorer households. The bank reported that after most of the global economy shut down during the pandemic, the rate of household savings increased, and some families, particularly wealthier ones, looked to real estate as a place to put cash they could not spend otherwise.

The ECB reported that the increased interest in the property was due to easier access to credit in the future and declining mortgage rates. These comments from the ECB had little to no impact on the single currency euro, as investors were more focused on the declining USD prices and the upcoming inflation data from the US side this week.

EUR/USD Intraday Technical Levels

Support Resistance

1.1571 1.1611

1.1550 1.1630

1.1531 1.1650

Pivot Point: 1.1590

EUR/USD - Technical Outlook

On Wednesday, the EUR/USD's technical side was mostly unchanged as the pair continued to trade choppy in between a narrow trading range of 1.1610 – 1.1570. The EUR/USD has crossed below the intraday pivot point level of 1.1590, and now it's facing strong support at the 1.1571 level. The closing of candles below the 1.1590 level supports a selling trend in the EUR/USD.

On the bullish side, the violation of the 1.1603 level exposes the EUR/USD towards the 1.1621 level. Furthermore, on the higher side, the violation of the 1.1621 level could lead the pair towards the 1.1647 mark. The MACD and RSI support a buying trend but suggest a bearish correction in the pair. Thus, the bearish bias dominates below the 1.1590 level and vice versa. All the best!

Bitcoin Price Prediction

The BTC/USD ended the day at $66,935.0, having reached a high of $68,429.0 and a low of $66,343.0.Due to increased inflows and cryptocurrency adoption, BTC hit its record highs on Tuesday and reached well above $68,000 for the first time in history. However, the leading crypto could not remain at its highest level and dropped to a loss for the day as investors started taking profits off their trades.

When inflation and other factors were casting uncertainty over equity markets, the leading cryptocurrency, Bitcoin, was emerging as digital gold and gaining traction as a potential safe haven. Moreover, the drop in the US dollar price also added upward pressure on BTC/USD as both shares have a negative correlation. The US Dollar Index (DXY) fell to 93.88 on Tuesday, assisting BTC in reaching a new all-time high.

A report suggested that New York City’s Mayor-elect Eric Adams has endorsed a community-led proposal to launch the NYCCoin on November 11. CityCoins, the same company that provided MiamiCoin, was launching a cryptocurrency focused on New York. The firm utilises the Stacks Protocol, built atop the Bitcoin blockchain, to enable smart contracts and issue its coins.

Adams was elected NYC Mayor on November 2 and is scheduled to take the reins in 2022. The 61-year-old Democrat is a strong crypto follower and encourager who has vowed to take his first three paychecks in Bitcoin and has advocated for crypto education to be taught in local schools.

Meanwhile, the CEO of Valkyrie, Leah Wald, was optimistic about the future of the recent Valkyrie Bitcoin Strategy ETF. She said that she was very excited and bullish for the next year. She said that large pools of wealth and money managers from sovereign wealth funds, pensions, and insurance companies were still waiting to see how the structure would work. She said that she liked the market's reaction to ETFs.

The recent upward trend in Bitcoin and other cryptocurrencies is providing strength to the overall digital asset market. Inflows into bitcoin products and funds have hit a record high of $6.4 billion this year, totalling $95 million last week. Analysts believe that huge pandemic savings and more upbeat global growth prospects suggest that digital assets will remain well-supported for the long term.

On the other hand, despite Bitcoin reaching new all-time highs, a JP Morgan report suggested that Ethereum was still a better bet for crypto fans than Bitcoin. These comments could have added to the downward pressure on BTC/USD on Tuesday.

BTC/USD Intraday Technical Levels

Support Resistance

66042.4 68128.4

65149.7 69321.7

63956.4 70214.4

Pivot Point: 67235.7

BTC/USD - Technical Outlook

The BTC/USD is trading at a level of 66,349, exhibiting a bearish correction on the 4-hour timeframe. On the downside, Bitcoin has formed a double bottom level, which is supporting the coin at a level of 66,349 USD.The violation of this support level exposes the BTC/USD price towards the next support level of 65,167, which marks the 38.2% Fibonacci retracement level. An additional breakout of 65,167 exposes the BTC prices towards the 61.8 Fibo level of 64,090.

On the bullish side, the major resistance stays at the 67,425 level and a breakout of this exposes BTC/USD towards 68,609 and 69,687 levels. The RSI and MACD are supporting a bearish correction in BTC. Let’s keep an eye on the 67,427 level today as bearish bias dominates below this level. All the best!

Gold’s Daily Price Analysis

Gold prices ended the day at $1826.45, having reached a top of $1828.15 and a low of $1813.80. Gold prices rose for the third straight session on Monday, reaching a two-month high, boosted by a decline in the dollar and lingering inflation fears following important central banks' indications that interest rates would remain low in the short term.

Gold rose on Monday as a result of the recent comments from Fed policymakers. The Vice-Chairman of the United States Federal Reserve, Richard Clarida, stated that inflation was running much above the desired goal for the central bank and that if it remained at the same level or higher, it would indicate a policy error.

Clarida also stated that price pressures are more than expected and that inflation will be higher this year than the Fed's most recent prediction. These remarks come on the heels of the Fed's declaration last week that it will hold its benchmark interest rate near zero for the time being and will begin decreasing the number of bonds it acquires each month later this month.

The Fed indicated that it will lower the programme by $15 billion each month for at least November and December, and that it would continue on a monthly basis depending on market developments. Clarida did not say when the Fed will hike interest rates. Nevertheless, Chicago Federal Reserve Bank President Charles Evans reiterated on Monday that the recent increase in inflation is primarily transitory and will fade as supply-side pressures are alleviated. The Fed's most dovish policymaker's mounting concerns about inflation were notable but not surprising, given that price pressures have risen well over the Fed's target of 2%.

Furthermore, Federal Reserve Governor Michelle Bowman cited a number of economic and financial stability issues posed by the housing market, including increased demand and a slow development pace, which put rising pressure on prices. Bowman did not address broader monetary policy or the economic outlook in her speech. All of these remarks from Federal Reserve members had a mixed effect on the US dollar, causing gold prices to rise. Analysts feel that gold is benefiting from the ultra-low interest rate environment as well as concerns about increased inflation.

GOLD Intraday Technical Level

Support Resistance

1817.45 1831.80

1808.45 1837.15

1803.10 1846.15

Pivot Point: 1822.80

GOLD - Technical Outlook

Gold’s bullish trend seems to get weaker below $1,827 resistance level as it has close a Doji candle below this level. On Tuesday, gold is trading choppy at $1,829 per ounce. On the bullish side, the XAU/USD’s next resistance prevails at the 1,829 level, which is extended by an upward channel. Gold has closed an upward channel on the 4-hour timeframe and that’s supporting the metal at 1,773. Considering a major difference between 1,829 – 1,773, there are multiple trading levels to consider.

For instance, gold’s immediate support prevails at the 1,807 level, which is being extended by an intraday pivot point level. A break below this level has the potential to extend the selling trend to the 1,795 and 1,785 levels. Conversely, a breakout of the 1,829 level exposes gold towards the 1,840 resistance level. Hence, the bearish bias dominates below the 1,827 level and vice versa. All the best!

Weakness in US dollar Underpin EUR/USD

The EUR/USD pair closed at $1.1586 after hitting a high of $1.1595 and a low of $1.1550. The EUR/USD pair continued moving with upward momentum for the third consecutive session on Monday amid the renewed weakness of the US dollar. The US dollar was under pressure on Monday after the US House of Representatives passed a $1.2 trillion spending bill to rebuild the nation’s infrastructure.

This long-awaited legislative victory of the Biden administration was a big step, but as it involved the spending of a massive amount of dollars, it had a little negative impact on the currency, and hence, the rival currencies of the USD started increasing in value, like the EUR, which ultimately pushed the EUR/USD higher in the market.

Overall, the US dollar was weak across the market because the US Federal Reserve failed to meet market expectations and refrained from increasing interest rates at this monetary policy meeting. Second, the $1.2 trillion spending bill; third, the improved risk-on market sentiment; and fourth, the high inflationary pressures surrounding the market. All these reasons kept weighing on the greenback, which ultimately added strength to the riskier currency pair EUR/USD on Monday.

On the data front, at 14:30 GMT, the Sentix Investor Confidence surged to 18.3 against the forecasted 14.9 and supported the single currency Euro, which ultimately added further gains in the EUR/USD currency pair. There was no macroeconomic release from the US side; however, many Fed policymakers gave their remarks on Monday, which had little impact on the US dollar.

The Federal Reserve Vice Chairman, Richard Clarida, said that inflation was well above the target level, not desirable for the bank. If it continued to remain at this level, it would prove an error in the policy. He also stated that these pressures would remain higher than expected this year and refrained from mentioning an interest rate hike.

On the other hand, many central banks worldwide followed in the footsteps of the European Central Bank and pushed back all the expectations of an interest rate hike, which triggered the risk-on market sentiment and helped riskier currencies like the Euro gain strength in the market.

Europe was experiencing supply bottlenecks and higher energy prices, the main reasons behind the higher inflation and a slowdown in economic recovery. However, the European currency was stronger against the US dollar on Monday as there were fewer unfavorable events for the single currency in the market than for the greenback.

Furthermore, the Eurozone finance ministers were attending the Eurogroup meeting to discuss macroeconomic prospects in the region, including inflation, energy prices, and the use of digital euros.

EUR/USD Intraday Technical Levels

Support Resistance

1.1559 1.1604

1.1532 1.1622

1.1513 1.1650

Pivot Point: 1.1577

EUR/USD - Technical Outlook

On Tuesday, the EUR/USD bullish bias continued to dominate the market amid weakness in the US dollar and a strengthening euro. On the technical side, the pair has crossed over the intraday pivot point level of 1.1576 and now it’s facing strong resistance at the 1.1603 level. The closing of candles above the 1.1576 level supports a buying trend in the EUR/USD.

On the bullish side, the violation of the 1.1603 level exposes the EUR/USD towards the 1.1621 level. Further, on the higher side, the violation of the 1.1621 level can lead the pair towards the 1.1647 mark. Conversely, the support stays at the 1.1594 and 1.1576 levels. The MACD and RSI are in support of a buying trend. Thus, the bullish bias dominates over the 1.1576 level and vice versa. All the best!

Bitcoin Price Prediction

The BTC/USD was closed at $67,526.0 after a high of $67,665.0 and a low of $63,259.0. The BTC/USD pair extended its gains for the third consecutive session on Monday amid improved market conditions surrounding the leading cryptocurrency.

The total market cap of the cryptocurrency industry was inching closer to a new all-time high of $3 trillion as bitcoin, and several altcoins recorded massive gains. Bitcoin surpassed its previous all-time high and reached its latest ATH level on Monday amid increased inflows.

BTC's total market capitalization has reached $1.2 trillion, up 6.12% in the last week. Bitcoin is generating a high investment rate and is topping the list of investments as it is officially crowned as the best-performing asset of 2021. The cryptocurrency rose more than 50% this year, and many crypto analysts have also predicted that BTC will reach new milestones before the year runs out.

This year, bitcoin inflows have hit a record high of $6.4 billion, according to digital asset manager CoinShares. The positive momentum and the widespread government acceptance have increased the adoption of bitcoin, which has increased the inflows.

Furthermore, the New York City mayor-elect, Eric Adams, has revealed his plans to make NYC the center of crypto and innovation. He said that schools must be open to teaching cryptocurrency and blockchain technology as bitcoin was becoming a new way of paying for goods and services throughout the entire globe.

Square Inc. has affirmed that its focus was on helping bitcoin become the native currency of the internet. The CEO, Jack Dorsey, explained that his company has several initiatives towards this goal that will help bitcoin reach a mainstream audience while at the same time strengthening the network and ecosystem.

Square's market cap is about $110 billion, and it has revealed that its mobile payment platform Cash App has generated about $1.8 billion in bitcoin revenues. These news segments added upward pressure on the already rising prices of BTC/USD.

BTC/USD Intraday Technical Levels

Support Resistance

64635.0 69040.9

61744.1 70555.9

60229.1 73446.7

Pivot Point: 66150.0

BTC/USD - Technical Outlook

The BTC/USD coin had a solid bullish moment, soaring from the 65,500 level to 68,500. On the 4-hour timeframe, Bitcoin has violated the previously placed all-time high and is now trading at a level of 68,068. Above this, the BTC/USD’s immediate resistance prevails at 68,921 and 71,329.

On the support side, the BTC/USD’s immediate support prevails at 67,609 and 66,514 levels. The MACD and RSI are in support of a bullish bias. Therefore, the BTC/USD’s upward trend dominates. However, Bitoin has entered the overbought zone, and typically a bullish correction exhales. Thus, the bearish bias dominates below 68,650 and vice versa. All the best!

Gold’s Daily Price Analysis

Gold prices were closed at $1816.80 after reaching a high of $1820.10 and a low of $1785.30. Gold extended its gains on Friday and reached its highest since September 7th amid the renewed decline in the US dollar.

The US dollar was down on Friday despite a better-than-expected macroeconomic data release for the day. The US Labor Department revealed that US employers created about 531K jobs, which is the highest level since July September. It was a highly impacted report released by the US Labor Department. However, it failed to maintain gains in the greenback.

The greenback rose to its highest level in 15 months and reached 94.62 right after the release of NFP data, but the profit-taking and correction in prices dragged the DXY to the downside towards 93.62 and weighed on the greenback, which ultimately pushed gold prices higher in the market.

On the data front, the average hourly earnings remained flat at 17:30 GMT, with the prediction of 0.4%. The Non-Farm Employment Change increased to 531K against the predicted 455K and supported the US dollar, limiting the yellow metal gains. The US unemployment rate also plunged to 4.6%, against the anticipated 4.7%, and supported the US dollar, which capped further gains in gold prices.

Furthermore, the safe-haven appeal that emerged in the market also played an essential role in pushing higher gold prices. This week, the dovish tone adopted by many major central banks worldwide regarding interest rate hikes boosted demand for the safe-haven metal. Additionally, the US Treasury 10-year note yields dropped to their lowest level in about a month, which weighed on the greenback and added further gains in yellow metal prices on Friday.

Moreover, global coronavirus cases surpassed 250 million as some countries in eastern Europe experienced record outbreaks due to the resumed trade and tourism in many countries. Although health experts were optimistic that many nations had put the worst of the pandemic behind them due to vaccine inoculations and natural exposure, they were also concerned that the upcoming holiday gatherings and cold weather could increase the number of infections. These concerns kept the safe-haven appeal intact in the market and supported gold prices on Friday.

GOLD Intraday Technical Level

Support Resistance

1816.29 1819.84

1814.82 1821.92

1812.74 1823.39

Pivot Point; 1818.37

GOLD - Technical Outlook

The precious metal gold maintained its bullish streak on Monday, trading at $1,818 per ounce. On the bullish side, the XAU/USD’s next resistance prevails at the 1,829 level, which is extended by an upward channel. Gold has closed an upward channel on the 4-hour timeframe and that’s supporting the metal at 1,773. Considering a major difference between 1,829 – 1,773, there are multiple trading levels to consider.

For instance, gold’s immediate support prevails at the 1,807 level, which is being extended by an intraday pivot point level. A break below this level has the potential to extend the selling trend to the 1,795 and 1,785 levels. Conversely, a breakout of the 1,829 level exposes gold towards the 1,840 resistance level. Hence, the bullish bias dominates over the 1,807 level and vice versa. All the best!

Choppy Sessions in Play

The EUR/USD ended the day at $1.1566, having reached a high of $1.1574 and a low of $1.1513.EUR/USD remained consolidated during Friday's trading session. However, it succeeded in gaining some of its previous session's losses. The US Dollar Index reached its highest since late September 2020 at 94.62 as the NFP data favored the local currency. However, the currency experienced significant selling amid profit booking, which ultimately dragged its prices towards the 94.32 level, ultimately supporting the currency pair EUR/USD's upward momentum on Friday.

On the data front, the German Industrial Production in September dropped to -1.1% against the forecasted 1.1% and weighed on the euro, which capitulated further gains in the EUR/USD currency pair. At 12:45 GMT, the French Industrial Production also declined to -1.3% against the anticipated 0.0%, which limited the gains in the currency pair EUR/USD. The French Prelim Private Payrolls for the quarter also fell to 0.5% against the expected 0.6% and weighed on the euro, which capped gains in the EUR/USD currency pair.

At 14:00 GMT, Italian retail sales increased to 0.8% from 0.2% expected, bolstering the single currency euro and adding to the EUR/USD currency pair's gains. The whole bloc declined to-0.3% against the estimated average of 0.2% and weighed on the euro. That also limited the rise in the EUR/USD pair.

On the US front, at 17:30 GMT, the average hourly earnings remained flat with an estimate of 0.4%. The Non-Farm Employment Change increased to 531K against the projected 455K. The US unemployment rate also fell to 4.6% against the predicted 4.7% and supported the US dollar, which capitulated further gains in the EUR/USD pair.

The US Labor Department reported that Americans created about 531K jobs during September, which was higher than the expected level of 455K. The number of jobs created by Americans was at its highest since July 2021, and this fact added to the expectations that the Fed might soon announce an interest rate hike as employment figures reached closer to the targeted level.

EUR/USD Intraday Technical Levels

Support Resistance

1.1558 1.1573

1.1549 1.1579

1.1543 1.1588

Pivot Point: 1.1564

EUR/USD - Technical Outlook

On Monday, the EUR/USD bounced-off to trade at the 1.1565 level, having bounced-off above the support level of 1.1550. On the 4-hour timeframe, the EUR/USD has violated the pivot point level of 1.1550, which is now exposing the pair towards the next resistance levels of 1.1588 and 1.1610.

Further, on the higher side, the breakout of the 1.1610 level exposes the EUR/USD pair towards the 1.1647 level. On the down side, the EUR/USD’s support holds around 1.1550 and below this, the next support prevails at 1.1528 level. Further on the lower side, EUR/USD’s next support stays around 1.1513 level, which is extended by the previously placed low level on Friday. The MACD and RSI are in support of a buying trend. However, they are tossing above and below crossover levels. This demonstrates a sort of indecision among investors and looks like they are waiting for economic events from the Eurozone and the US to determine further trends in the market. All the best!

Bitcoin Price Prediction

The BTC/USD closed at $63,259.1 after hitting a high of $63,279.0 and a low of $61,400.0. BTC/USD extended its gains over the weekend and moved higher amid Bitcoin's ecosystem's positive developments. Bitcoin continued to rise above $60,000 over the weekend, despite low trading volume on centralized exchanges. Over the last month, almost all cryptocurrencies, including bitcoin, have rocketed, with Ethereum, Solana, Cardano, BNB, and XRP making double-digit percentage gains.

In early October, Bitcoin's price was hovering around $45,000, and during the last week of the month, it reached a near all-time high level of $67,000, which was due to the launch of the first US Bitcoin futures ETF.

A bullish bitcoin buyer, Michael Saylor, has forecasted that trillions of dollars will flow into bitcoin once U.S. regulators approve a fully-fledged bitcoin ETF. He further said that it could help bitcoin replace gold and become the primary asset index for the Western world. These expectations increased the positive momentum towards Bitcoin that lifted its prices higher in the market.

Meanwhile, JPMorgan, a global investment bank, has doubled down on its bitcoin prediction of $146K as analysts explain that the cryptocurrency's price could reach that level if its volatility subsides and institutional investors start investing in it bitcoin more than gold in their portfolios.

Recently, an analyst from JPMorgan, Nikolaos Panigirtzoglou, predicted that the price of bitcoin could reach $146K in the long term, and in the short-term, the price target was set at $73K for 2022. Explaining this prediction, the analyst added that the re-emergence of inflation concerns among investors during September and October 2021 appeared to have renewed interest in using bitcoin as an inflation hedge. This lifted the bullish outlook for bitcoin and pushed its prices toward all-time high levels.

Furthermore, a member of Brazil's Chamber of Deputies has proposed a bill to make crypto payment options available for public and private sector workers. If approved, the bill will enable workers in Brazil to choose to receive their part or whole salaries in cryptocurrencies.

This program was pretty different from that adopted by El Salvador, as it gives voluntary freedom to the workers to receive their salaries in cryptocurrencies. The president of El Salvador, Nayib Bukele, made policies that mandated all businesses to adopt bitcoin as a payment option, even though he repeatedly said that using bitcoin was optional. However, this new proposed bill by Brazil's deputy gave a positive push to Bitcoin prices over the weekend.

BTC/USD Intraday Technical Levels

Support Resistance

62013.0 63892.0

60767.0 64525.0

60134.0 65771.0

Pivot Point: 62646.0

BTC/USD - Technical Outlook

On Monday, the BTC/USD coin had a solid bullish moment, soaring from the 63,927 level to 65,500. On the 4-hour timeframe, Bitcoin has violated the triple top pattern at 63,927 and now it’s heading north towards the next resistance level of 66,250. Above this, the BTC/USD’s immediate resistance prevails at 66,806 and 67,446.

On the support side, the BTC/USD’s immediate support prevails at 63,927 and 63,271 levels. The MACD and RSI are in support of a bullish bias, therefore, the BTC/USD’s upward trend dominates. Moreover, the candlestick pattern "Three White Soldiers" is also supporting a strong bullish trend in Bitcoin. Thus, the buying trend stays strong over the 63,927 level today. All the best!