Technical Analysis

BTC/USD Analysis – November 08, 2021

By LonghornFX Technical Analysis
Nov 8, 20213 min

Bitcoin Price Prediction

The BTC/USD closed at $63,259.1 after hitting a high of $63,279.0 and a low of $61,400.0. BTC/USD extended its gains over the weekend and moved higher amid Bitcoin's ecosystem's positive developments. Bitcoin continued to rise above $60,000 over the weekend, despite low trading volume on centralized exchanges. Over the last month, almost all cryptocurrencies, including bitcoin, have rocketed, with Ethereum, Solana, Cardano, BNB, and XRP making double-digit percentage gains.

In early October, Bitcoin's price was hovering around $45,000, and during the last week of the month, it reached a near all-time high level of $67,000, which was due to the launch of the first US Bitcoin futures ETF.

A bullish bitcoin buyer, Michael Saylor, has forecasted that trillions of dollars will flow into bitcoin once U.S. regulators approve a fully-fledged bitcoin ETF. He further said that it could help bitcoin replace gold and become the primary asset index for the Western world. These expectations increased the positive momentum towards Bitcoin that lifted its prices higher in the market.

Meanwhile, JPMorgan, a global investment bank, has doubled down on its bitcoin prediction of $146K as analysts explain that the cryptocurrency's price could reach that level if its volatility subsides and institutional investors start investing in it bitcoin more than gold in their portfolios.

Recently, an analyst from JPMorgan, Nikolaos Panigirtzoglou, predicted that the price of bitcoin could reach $146K in the long term, and in the short-term, the price target was set at $73K for 2022. Explaining this prediction, the analyst added that the re-emergence of inflation concerns among investors during September and October 2021 appeared to have renewed interest in using bitcoin as an inflation hedge. This lifted the bullish outlook for bitcoin and pushed its prices toward all-time high levels.

Furthermore, a member of Brazil's Chamber of Deputies has proposed a bill to make crypto payment options available for public and private sector workers. If approved, the bill will enable workers in Brazil to choose to receive their part or whole salaries in cryptocurrencies.

This program was pretty different from that adopted by El Salvador, as it gives voluntary freedom to the workers to receive their salaries in cryptocurrencies. The president of El Salvador, Nayib Bukele, made policies that mandated all businesses to adopt bitcoin as a payment option, even though he repeatedly said that using bitcoin was optional. However, this new proposed bill by Brazil's deputy gave a positive push to Bitcoin prices over the weekend.

BTC/USD Intraday Technical Levels

Support Resistance

62013.0 63892.0

60767.0 64525.0

60134.0 65771.0

Pivot Point: 62646.0

BTC/USD - Technical Outlook

On Monday, the BTC/USD coin had a solid bullish moment, soaring from the 63,927 level to 65,500. On the 4-hour timeframe, Bitcoin has violated the triple top pattern at 63,927 and now it’s heading north towards the next resistance level of 66,250. Above this, the BTC/USD’s immediate resistance prevails at 66,806 and 67,446.

On the support side, the BTC/USD’s immediate support prevails at 63,927 and 63,271 levels. The MACD and RSI are in support of a bullish bias, therefore, the BTC/USD’s upward trend dominates. Moreover, the candlestick pattern "Three White Soldiers" is also supporting a strong bullish trend in Bitcoin. Thus, the buying trend stays strong over the 63,927 level today. All the best!


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