Bitcoin (BTC) Price Analysis for October 14

Buyers keep controlling the initiative on the first day of the weekend, according to CoinMarketCap’s ranking.

BTC/USD

The rate of Bitcoin (BTC) has risen by 0.14% over the last 24 hours.

On the hourly time frame, the price of BTC has formed a support level at $26,846. If the daily bar closes in the zone of $26,900 or above, there is a high chance to see a test of the resistance tomorrow.

A less positive picture is on the daily chart. The rate has not bounced back far from the support level of $26,533, which means that sellers remain more powerful than bulls.

If bulls want to seize the initiative, they need to restore the price to the zone of $27,400.

On the weekly time frame, the rate is about to close below the previous bar low, which is a bearish signal. If that happens, there is a high possibility of a further drop to the $26,000 range.

Bitcoin is trading at $26,910 at press time.

Source