- Bitcoin price prediction is dwindling as bulls try hard to regain lost ground
- BTC/USD price rejects $13,700 again today amid drying up volumes
- Bitcoin ends the week on a relatively high note compared to traditional markets
- $13,800 resistance is proving tough to cross as the US Presidential election nears
Bitcoin price prediction – BTC price holding $13,200 as indecisive traders make zig-zag pattern
Bitcoin bulls are trying hard to regain lost ground as the pair is repeatedly rejected from its annual high of $13,864 posted on October 28. The set back is worrying the traders since traditional markets have crashed this week on the back of weak macro factors.
The BTC/USD pair is struggling to hold above the $13,300 level due to heavy selling pressure near the above resistances. The weakening uptrend is a cause for worry for Bitcoin price prediction as the pair has fallen around 7 percent in the last 12 hours. Currently, the pair is moving on the lower edge of a rising channel pattern. The price is unable to cross above the median line resistance due to low volumes and bearish selling.
Yesterday’s sharp correction wiped out $17 billion from the crypto market. Unlike traditional assets like stocks and shares, Bitcoin is currently posting higher lows on the hourly charts indicating there’s still breath left in the current bullish rally. The promising bullish sentiment is helping the BTC/USD pair hold its own in a bearish market. The global market capitalization is gradually contracting in anticipation of the next week’s US Presidential elections. Traders should expect Bitcoin price prediction to follow suit.
Bitcoin price movement in the last 4 hours demonstrates the resilience
The global markets are experiencing a bearish sentiment due to various macro geopolitical reasons. The upcoming US Presidential elections, French terror attacks, new Coronavirus lockdowns, and technical data are all contributing towards the decline. The recently released US GDP data is a green line, though. However, Bitcoin price prediction is following a zig-zag pattern – neither declining nor rising rapidly. In the past 4 hours, BTC/USD touched a high of $13,675 and a low of $13,129.
The tremendous bullish rally that took the price from $10,500 to a 2020 high of $13,864 is still roaring. Amid the slowing momentum, the price is facing bearish pressure at higher resistance levels. The recent breakout can turn a ‘fakeout’ if the bulls are unable to post new highs since bears are lurking in the background and ready to take down $13,000 support.
US Dollar Index shows that investors are looking for a safety net as all-time highs are challenged across various market sectors. Bitcoin price prediction is now increasingly linked to geopolitical events and macro factors that disrupt traditional markets.
BTC/USD 4-hour chart – $13,500 emerging as major resistance
The region between $13,510–$14,000 is emerging as a substantial resistance area on the hourly charts. Multiple rejections from $13,500 reflect that sellers are ready to suppress bullish rallies at this price point. Both investors and day traders are eyeing $14,000 as the most significant hurdle or resistance on the journey to fresh new highs.
On the downside for Bitcoin price prediction, massive support is visible at $12,900, which has helped the pair bounce back several times. The region between $11,600 to $12,900 is fast emerging as a strong support zone due to healthy accumulation by institutional investors and BTC whales.
The RSI is looking neutral but remains in bullish territory. The MACD reading does show that the pair is stagnant in the current zig-zag trajectory. The bearish divergence on the hourly charts is still visible. In case the ‘Hell’s Candle’ pattern materializes on the hourly timeframes, the support zone between $12,710 to $12,890 is highly expected to hold the pair. Any drop from $12,500 would mean massive selloffs, which can print $11,800 on the hourly charts bringing Bitcoin price prediction in the deep-red territory.
Will Bitcoin rise as investors flee to safety
Fresh Coronavirus lockdowns and a looming political uncertainty in the United States are the two most important factors driving investor sentiment. European nations, including France, are gearing up for a fresh round of lockdowns as Coronavirus returns. The ‘Flu Season’ and oncoming winter can intensify the lethal impact of an already deadly virus.
In this uncertain scenario, an investor’s flight to safety is justified. The rising US Dollar Index (DXY) represents the current investment scenario, and the Bitcoin price prediction is no different. Bitcoin proved its safe-haven status a few months ago. The current price stability shows that it will hold well in the coming months. Bitcoin performed relatively well even when metals like silver went down 6 percent correction.
Bitcoin decoupling from markets further confirms the safe-haven status
The inverse correlation between the US Dollar Index and Bitcoin is growing stronger since March. The same can be inferred about gold. Thus, even as legacy markets fall, Bitcoin and gold are expected to rise further. Traders and BTC whales are expected to undertake more accumulation in case the markets plunge.
Bitcoin price prediction is definitely in a bullish trajectory. Even though crypto fans would love to witness an instant rise, but the current rally is part of a new bullish cycle that began after May halving. Bitcoin technical analysis shows the pair is likely to end the week above $13,200, concluding in a more sideways movement for the next few hours.
Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.