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Bitcoin price analysis: BTC stable at $54,000

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  • Bitcoin price analysis reveals that the cryptocurrency is stable at $54,000.
  • The king of cryptocurrency has been bullish for the past few days.
  • Current support is found at the $53,933 mark.
  • Current resistance is found at the $54,720 mark.

Bitcoin price analysis reveals that the king of cryptocurrency is stable at the $54,000 mark after going into a bullish rally on the 6th of October. The bullish rally continued for two days, and today the king is finally stable after fluctuating above the $55,000 mark briefly. During the last 24-hours, Bitcoin has been up by 5.09 percent and up by 25.51 during the past seven days. The king is enjoying the bullish run with great zeal.

Bitcoin price analysis: 1 day chart shows bulls reigning supreme

The one-day Bitcoin price analysis reveals that the king of cryptocurrency is facing higher volatility than in the past days. The king is reigning supreme in the bullish trends. The upper Bollinger band showing the highest resistance mark is found at the $54,385 mark. The nine-day moving average is found at the first support level at $48,872, while the Bollinger bands’ average serves as the second support point at the $45,978 mark.

Bitcoin price analysis: BTC stable at $54,000 2

The Bollinger band lower is found at the lowest support point available at the $37,570 mark, the difference between opening and closing trends. The relative strength index (RSI) score is found to be at 67.15, which is slightly towards the oversold side.

BTC/USD 4-hour chart confirms the bullish trend

The four-hour Bitcoin price analysis chart reveals that the volatility is indeed increasing while the upper Bollinger band posing the strongest resistance is found at the $56,527 mark, while the lower Bollinger band marking the strongest support is found at the $46,156 mark. The difference shows the increased volatility as compared to the past.

Bitcoin price analysis: BTC stable at $54,000 3
BTC/USD 1-day candlestick price chart. Source: Trading View

The nine-day moving average acting as the close support is found at the $53,740 mark, while the Bollinger bands average is found at the $51,342 mark. The relative strength index (RSI) score is found at the 73.19 mark in the oversold zone allowing some room for the bears to take shape once again.

Bitcoin price analysis: Conclusion

At present, the king of cryptocurrency is enjoying a decent bullish momentum that has been going on for the past seven days; now, the king is tired away at the $54000 mark before retrying the $55,000 mark once again. If the current support levels persist, the king of cryptocurrency is likely to make it into the $55,000 mark range. If the current support falters, the fall would depend on the fault in supports, and the price is likely to fall as far below as the $50,000 range.

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