Bitcoin Price Prediction: Sellers Look To Push BTC Below $55,000 As Price Slips
Daily Bitcoin BTC Price Forecast
- The Bitcoin price tested $58,000 on Monday but fell on Tuesday as the price turned bearish.
- BTC has been quite bullish since the start of October, with the price increasing significantly.
The Bitcoin price fell for the second day running, as sellers managed to push BTC below $56,000. The price drop comes after a bullish weekend that saw the price increase to $54,692 on Saturday and then $55,274 on Sunday to end the previous week on a positive note. The price continued to be bullish on Monday as it rose to $57,198 but fell back on Tuesday, dropping to $56,170. The current session also sees BTC in the red, with sellers pushing the price towards $55,000.
Bitcoin Price Chart Indicates BTC Could Fall Towards $55,000
The Bitcoin price started October on a bullish note, surging by over 9% to move to $48,111. Despite the bullish Friday, BTC fell into the red on Saturday as it fell by 1.34% before recovering on Sunday to settle at $48,023. BTC went on quite a bull run the following week, as the price rose to $49,047 on Monday before rising even further on Tuesday, to settle at $51,289. An increase of 4.57%. Wednesday saw an even bigger increase, as BTC rose by over 7% to move past $55,000 and settle at $55,014. After reaching this level, the price dropped on Thursday, as BTC registered a drop of 3.15%, falling to $53.278.
Image: BTC/USD daily
The Bitcoin price registered a marginal increase on Friday, as BTC recovered after Thursday’s fall. The weekend saw BTC remain bullish, as the price rose by 2.06% on Saturday and then by 1.06% on Sunday to end the week at $55,274. BTC remained bullish as the current week got underway, with the price rising by 3.48% on Monday, pushing BTC past $57,000. However, BTC registered a fall of 1.80% on Tuesday, as the price dropped to $56,170. The current session also sees BTC in the red, but we could see the price recover with the Parabolic SAR and MACD still bullish. However, if the price falls towards $55,000, then we could see both flip to bearish.
Looking at IntoTheBlock’s IOMAP for the Bitcoin price, we can see that BTC faces strong resistance at around $55,881. At this level, over 1.2 million addresses have sold over 730,000 BTC. BTC also has strong support at around $47,841. At this level, 1.3 million addresses have bought more than 555,000 BTC.
Looking at the 4-hour Bitcoin price chart, we can see that BTC was quite bullish, but the price seems to have taken a slight dip over the past few sessions. We can see that the 20-bar SMA was acting as support, as BTC rose by almost 7% on the 6th, moving to $54,685. However, BTC could not remain at this level and dropped to $53,289 before rising to $54,776. The price fell again, with BTC dropping to $53,589, with the 20-bar SMA propping up the price. BTC maintained this level thanks to the 20-bar SMA and then rose to $56,591 on the 11th. The price further rose to $57,565 before bearish sentiment pushed the price below the 20-bar SMA to $54,839. We can see that both the Parabolic SAR and the MACD are bearish, indicating that the price could drop further.
Image: BTC/USD 4-hour
Research Firm CFRA: Bitcoin Futures ETF Delayed Till 2022
Crypto investors may have a longer wait for a Bitcoin futures exchange-traded product, according to Todd Rosenbluth, senior director of exchange-traded funds (ETF) and mutual fund research at research firm CFRA.
Speaking on CNBC’s ETF Edge, Rosenbluth stated that while a Bitcoin futures product is likely to be the first crypto ETF to gain approval, he cautioned that the current clouded regulatory situation could cause further delays.
More than 20 crypto exchange-traded products are waiting for approval from the United States Securities and Exchange Commission. The researcher suggested that regulators could be waiting for all of these products to meet their goals so that they can be approved at the same time to avoid a “first-mover advantage,” before adding:
“It’s possible — in fact, we think it’s likely — that we’re going to see a delay of a Bitcoin futures ETF until 2022 until the regulatory environment is more clear.”
Van Eck Associates CEO Jan van Eck commented that the primary concern for the SEC is the discrepancy between actual Bitcoin prices and the price of the futures contract, in addition to the potential of funds getting too large.
Eck also suggested that the regulator needs to gain more control over crypto trading. It appears to be attempting to do so with its recent threats against Coinbase and the exchange’s stablecoin lending product. Other popular trading platforms such as Robinhood are already regulated and registered as broker-dealers.
Bitcoin Price Is Expected To Reach These Levels
The Bitcoin price chart shows us that after rising to $57,198, BTC took a bearish turn, recording a fall of 1.80% on Tuesday, with the price in the red during the current session as well. With sellers in control, we could see the price fall towards $55,000, but if buyers take control, we could see the price rise towards $56,000 again.