Bitcoin (BTC) Price Prediction for October 27

The crypto market is mainly bullish at the beginning of the week, according to CoinStats.

BTC/USD

The price of Bitcoin (BTC) has gone up by 1.09% over the past day.

On the hourly chart, the rate of BTC is approaching the local support of $114,385. If the daily bar closes near that mark, the decline is likely to continue to the $114,000 range.

On the longer time frame, the price of the main crypto has made a false breakout of the resistance of $116,035.

If the daily bar closes far from that mark, one can expect a test of the $114,000 zone shortly.

From the midterm point of view, traders should focus on the weekly candle’s closure in terms of the interim level of $116,000. If its breakout occurs, the accumulated energy might be enough for a further upward move to $120,000.

Bitcoin is trading at $114,958 at press time.

Source