Bitcoin (BTCUSD) Price Forecast: November 7
Today, the BTCUSD remains firm above the supply levels, reaching an intraday high of $70,557 amid market correction. The coin is poised for a significant breakout as the crypto is back above the $70,000 high mark. In case the bulls’ pressure breaks up the resistance level of $73,624, the coin price may increase further to a $75,000 upper high trend line, causing huge upswings in the crypto market.
Key Levels:
Resistance Levels: $69,000, $70,000, $71,000
Support Levels: $52,000, $51,000, $50,000
BTC (USD) Long-term Trend: Bullish (Daily Chart)
BTCUSD remains strong above the supply mark in the higher time frames. This is clear as the prices trading above the moving average lines, indicating an uptrend.
However, the previous action at the $72,724 high level in the past few days has sustained the coin price to remain firm above the trend line.
After updating the previous lows at the $66,783 value, the Bitcoin price pulled back to a $70,557 supply mark and remains firm above the supply levels as the daily chart opens today, resulting in intraday gains. Hence, staying above the resistance trend lines indicates a strong possibility for a bullish correction.
Furthermore, the BTCUSD pair shows the continuation of bullish sentiment. After testing the lows of $66,783 in the previous action, sellers look exhausted, while the price of Bitcoin remains above the $70,000 value, as indicated by the momentum indicator.
However, the downside risk remained uncertain. Thus, the next bulls’ target might be the $75,000 high level in the days ahead in its long-term outlook.
BTC (USD) Medium-term Trend: Bullish (4H Chart)
Bitcoin’s potential gains are enticing as the price remains firm above the supply mark in the medium term. The price of BTCUSD is progressing upward above the moving averages, indicating that buyers are currently gaining more strength in the market.
In the previous session, the Bitcoin price was in a bearish market. Additional buying pressure pushed the price above the critical level from the $69,617 value to the $70,557 resistance level above the moving averages as the 4-hourly session opens today.
This will allow the buy traders to further ladder up the trend. To rise above the supply zone, more buyers’ participation is a prerequisite.
However, there is a possibility of a further increase in the price of Bitcoin, if the buy traders increase their price actions and all the current support holds; a psychological $75,000 supply might be reached soon as it remains firm above the $70,000 supply mark in its medium-term time frame.
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