Forecasting the Price of Bitcoin (BTC) on October 5th
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Buyers are controlling the initiative at the beginning of the weekend, according to CoinMarketCap.
Top coins by CoinMarketCap
BTC/USD
The rate of Bitcoin (BTC) has fallen by 1.18% over the last 24 hours.
Image by TradingView
On the hourly chart, the price of BTC might have found a local resistance level at $62,308. If the daily bar closes far from it, one can expect a correction to the $62,000 zone shortly.
Image by TradingView
On the bigger time frame, one should pay attention to the bar closure. If it happens near the $62,350 level or above, the growth may continue to the $63,000-$64,000 range next week.
Image by TradingView
On the weekly chart, neither side is dominating as the price of BTC is in the middle of the wide channel. Such a statement is also confirmed by the falling volume.
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In this case, ongoing sideways trading in the area of $60,000-$66,000 is the more likely scenario.
Bitcoin is trading at $62,239 at press time.
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