BTC/USD Declines as Bitcoin Recovers Above $60k- October 23, 2021
On October 20,
Following the retracement on October 20, the selling pressure has subsided as Bitcoin makes the upward correction. The recent downtrend lasted for three days as BTC price was making a series of lower highs and lower lows. The king coin is trading marginally as price corrects upward. Today, BTC/USD is trading at $61,283 at the time of writing. Nonetheless, buyers will have to sustain BTC price above $64,000 high for the cryptocurrency to be out of downward correction. Conversely, if buyers fail to sustain above the $64,000 high, the BTC/USD is likely to resume selling pressure. Meanwhile, the crypto is struggling to break above the minor resistance at $61,600.
Bitcoin (BTC) Indicator Reading
The recent breakdown was a result of the overbought condition of the cryptocurrency. Bitcoin is at level 78 of the Relative Strength index period 14. In the same vein, the crypto is at 96% area of the daily stochastic. These price indicators indicate that the king coin has not enough room to rally on the upside. Sellers emerge at the overbought region to push prices down. Today, the Relative Strength index period 14 has fallen to level 61. This indicates that Bitcoin is in the uptrend zone and capable of a further upward move.
Meanwhile, on the 1-hour chart, Bitcoin has been in a downward move as Bitcoin recovers above $60k. BTC/USD rallied to $66,958 but faced rejection at the recent high. Meanwhile, on October 21 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that BTC price will fall to level 2.618 Fibonacci extensions or $59,696.50. From the price action, the crypto reached the 2.618 Fibonacci extension but corrected upward.
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