The Bitcoin price is bullish but there are hints of weakness in the lower time frames. This is at a time when institutions are flowing in, sinking millions.
- The Bitcoin price rallying versus the USD
- Support zone is between $10,900 and $11,200
- Buyers are in control and targeting $12,000
- Institutions doubling down on BTC purchase
Bitcoin price prediction: Current overview
The Bitcoin price remains bullish despite minor blips. As of today, the uptrend remains clear. Because prices are still trending above $11,000, every low is technically a buying opportunity for aggressive traders.
At the time of writing, the Bitcoin price was trading within a tight range. Today’s highs stood at $11,492, a $64 increase from its open. While trading at $11,393, there is an attempt by sellers to drive prices below $11,370.
Several fundamentals may drive prices higher in days ahead. At the top is the increasing interest from institutions.
As a primer, Goldman Sachs is hiring an executive to heads its Digital Assets department in London. It is a net positive even though the giant investment bank is known for its skepticism, doubting the potent of cryptocurrencies.
According to a report on Oct 13, the fund manager said it was investing $115 million in BTC. Its co-founder, Robert Gutmann believes in “the long-term growth of an open-source monetary system.”
Bitcoin price movement in the last 24 hours
The Bitcoin price trajectory is northwards judging from the candlestick arrangement. Despite drops, there is a demand for the coin after Square’s triggers of last week.
At the time of writing, the BTC coin was up six percent versus the USD but trailing ETH in the last week of trading.
From the daily chart, bulls appear to be in control. Notably, the series of higher highs in the last few days confirms the bullish break out above the accumulation on Oct 8. Besides, there is demand, and price action remains volatile.
First, even with Oct 13 drop off, the banding of bull bars along the upper BB as prices trend higher with increasing trading volumes suggest support in lower time frames.
As such, even if prices retrace back to the breakout level at around $10,900 to $11,200, every low is technically a buying opportunity. Immediate targets are at $12,500 or Aug 2020 highs.
Bitcoin price movement in the last hour
Reflecting on the resilience of Bitcoin buyers in the daily chart, the uptrend is firm in the 1-hour chart.
Although yesterday’s price action was wavy, the failure of bears to drive BTC prices below the main support trend line hints of demand.
A strong bounce from the current accumulation–in line with the prevailing trend, towards today’s high will signal the beginning of a possible buy wave that may lift the Bitcoin price towards $12,000 in the immediate term.
Dumps below the main support trend line and $11,200 could see the BTC price disintegrate towards $10,900 or worse in a retest.
Bitcoin price prediction: conclusion
Bulls are in control. At least for now and as candlestick arrangements suggest. Buoying Bitcoin demand are fundamental developments supportive of crypto and specifically Bitcoin.
Reliable supports lie between $10,900 and $11,200 at a time when bulls are aiming for $12,500 or better in the medium term.