Bitcoin Price Prediction: BTC/USD Consolidates Ahead Of Potential Rally To $15,000

John Isige Bitcoin News PublishedNovember 2, 2020 | ModifiedNovember 2, 2020

Bitcoin Price Prediction: BTC/USD Consolidates Ahead Of Potential Rally To $15,000

  • Bitcoin price elevated to new yearly highs of $14,100 just before the new month.
  • BTC/USD consolidates between $13,600 and $14,000 before an imminent breakout towards $15,000.

Bitcoin price smashed the crucial hurdle at $14,000 on Saturday as it welcomed the new month. A new yearly high was formed at $14,100. The trading in the last 24 hours has been mainly sluggish, with BTC/USD settling above $13,300.

On the upside, $14,000 seems to have established itself as a critical resistance zone. The flagship cryptocurrency is exchanging hands at 413,800 at the time of writing. According to the Bollinger Bands, the sideways price action is likely to continue in the near term. For now, bulls are holding firmly to the BB middle boundary.

On the other hand, the Relative Strength Index (RSI) embraces support at the midline. The gradient of the indicator appears to have reduced, perhaps in anticipation of an upswing in the price as more buyers join the sluggish market.

BTC/USD 4-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

Despite the sideways piece action, buyers are relatively in charge, especially when the gap formed by the 50 Simple Moving Average above the 100-SMA and the 200-SMA in the 4-hour timeframe is considered.

In the event, the crucial hurdle at $14,000 is broken, the bellwether cryptocurrency will shift the focus back to the newly created yearly high and later to $15,000. Therefore, the BB middle layer support must be guarded to guarantee the anticipated upswing.

It is worth mentioning that the bullish outlook will be invalidated if the BB middle boundary support is shattered. Moreover, support at $13,600 is key to continuing the bullish narrative. Otherwise, a drop under the 50 SMA would see Bitcoin plunger to $13,200 or even retest support the 100 SMA anchor at $12,800.

Bitcoin Intraday Levels

Spot rate: $13,800

Relative change: 23

Percentage change: 0.18%

Trend: Sideways

Volatility: Low

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