Bitcoin (BTCUSD) Price Is Ready to Rebalance

Bitcoin (BTCUSD) Price Forecast: October 10

The BTCUSD pair is ready to rebalance as the coin price begins the bull run buoyed by market recoveries. The price is going up at the moment. Thus, a sharp breakout and closure above the $71,804 high value will invalidate any bearish thesis and the price might hit the high of $75,000 upper level and beyond, leading to a broader market recovery.

Key Levels:
Resistance Levels: $68,000.00, $69,000.00, $70,000.00
Support Levels: $44,000.00, $43,000.00, $42,000.00

BTC (USD) Long-term Trend: Bullish (Daily Chart)

Bitcoin price is ready to rebalance after experiencing a strong bullish performance in its higher time frame. Further, the pair’s bullish momentum is trending above the moving averages, making higher highs and moving towards the upper resistance area, indicating a bullish momentum.

The bulls’ pressure on the crypto to the $62,578 resistance level in the past few days has made it possible for it to rebalance and remain upward in its recent hike.

After updating yesterday’s low of $62,113, the BTCUSD price rebounded to a $62,811 high mark above the EMA-50 as the daily chart opens today, suggesting the crypto price is going up and ready to rebalance.

Thus, if the crypto’s price could sustain above the $71,804 high level, the potential rally could drive the crypto price towards the upper resistance zone, obtaining a higher footing to rise higher.

Hence, the Bitcoin market is pointing up on the daily stochastic, suggesting the crypto price is ready to rebalance as it journeys up north. In light of this, the coin might increase further to hit the $75,000 supply trend mark if the market conditions remain favorable as the crypto is getting ready to rebalance and remains strongly bullish soon in its higher time frame.

BTC (USD) Medium-term Trend: Bearish (4H Chart)

The medium-term chart indicates that the Bitcoin price is ready to rebalance as it appears bearish, but it is beginning to turn bullish due to the return of buyers to the market.

The BTCUSD price is currently trading at the resistance close to the EMA-50. So, it appears that the bulls are about to take control and push us higher.

The order flow by the short-term traders at the $62,113 low value in the previous session has made the coin price reduce a bit in its recent price level. However, the coin price is ready to rebalance as the new correction has taken place.

Despite the interactions from the short traders, the bulls caused a rise to a $62,569 high level below the EMA-50 shortly after the commencement of the 4-hour chart today, indicating the Bitcoin price is ready to rebalance as the journey up north continues.

However, with sustained buying, the price of Bitcoin may challenge the $66,560 supply strength and set the potential for further growth.

Meanwhile, the market is pointing up in the oversold region, indicating a bullish continuation pattern as the crypto market sets to rebalance. As a result, the additional push by long investors could drive the coin price to a high at $75,000 upper resistance level in the days ahead as the coin price determines and is ready to rebalance in its medium-term forecast.

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