Bitcoin Price Analysis — October 31
As noted earlier, BTC is at risk of falling from the $60,000 support amid an overall sideways bias. A fall from the current price level could push the benchmark cryptocurrency to retest the $57,500 support, which should align with the 4-hour 200 SMA if that happens. Interestingly, BTC currently trades within a bullish flag on our 4-hour chart. That said, the possibility of a dip below the $60,000 support in the near term seems likely but should spur a sharp recovery above the $65,000 resistance. However, a break (without necessarily dropping to the $57,000s) above the top of our flag should trigger a recovery as well, although with lesser vigor than the recently mentioned scenario.
Meanwhile, my resistance levels are at $61,000, $61,785, and $63,000, and my key support levels are at $60,000, $59,000, and $57,500.
Total Market Capitalization: $2.57 trillion
Bitcoin Market Capitalization: $1.13 trillion
Bitcoin Dominance: 44.4%
Market Rank: #1
Meanwhile, my resistance levels are at $61,000, $61,785, and $63,000, and my key support levels are at $60,000, $59,000, and $57,500.
Total Market Capitalization: $2.57 trillion
Bitcoin Market Capitalization: $1.13 trillion
Bitcoin Dominance: 44.4%
Market Rank: #1
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