Bitcoin (BTC) Price Analysis: A Look at the 1-Day Timeframe (27-Oct)
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is trading just below the $21,000 mark and is looking quite bullish on the lower timeframes. The price has finally broken out of the consolidation zone below $19,600 and is getting a move along. BTC was also facing strong resistance, around $20,400 previously but is currently trading above this level. It is likely that the price will continue to climb in the coming days, and we will see some positive movement from Bitcoin. Let’s take a quick look at the latest BTC charts to see where the price could be headed next in the short term.
You can trade Bitcoin with leverage on Bybit. By using our link, you can get up to a $4,380 bonus. (Bonus may vary based on deposit amount)
Claim up to $4380 in Bonus
Analyzing the 1-Day Charts
If we take a look at the latest 1-day charts for Bitcoin, we can see that the price has closed a daily candle above $20,400 for the first time since the mid of September.
The $19,600 mark has turned into a new support level, and the price will likely stay above it in the coming days. The new resistance level we are now eyeing for Bitcoin is the $21,500 mark. It is a region that has kept the price low in the past as well.
As Bitcoin has closed the candle above the $20,400 mark, it is likely that the price will touch the $21,500 region in the coming days.
However, the trading volume still has not improved significantly, and Bitcoin could also struggle to sustain this momentum in the immediate short term. If that happens and the price drops below $19,600 once again, this time, we can expect another sell-off.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading above the $20,400 mark and is looking quite bullish on the lower timeframes. The price is finally trading within a new zone and has gained decent momentum. We are expecting Bitcoin to touch the $21,500 mark next, and it is also possible that the price will rise further. Right now, we are interested in accumulating more Bitcoin in the short term.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Copy Trading
Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim a bonus of up to $7000 by using the promo code “bitcoinsensus50” with our link.
Claim up to $7000 in Bonus
Recommended Bitcoin Trading Platforms: