Bitcoin (BTC) Price Prediction for October 11

Buyers seem that they are not going to give up easily, according to CoinStats.

BTC/USD

The price of Bitcoin (BTC) has risen by 1.22% since yesterday.

On the hourly chart, the rate of BTC is going up after a breakout of the local level of $61,246. If the daily bar closes above that mark and with no long wick, growth is likely to continue on the weekend.

On the bigger time frame, the price of the main crypto keeps growing after a false breakout of the support of $59,189. However, BTC might need more time to gather energy for a further move.

In this case, sideways trading in the zone of $61,000-$63,000 is the more likely scenario.

On the weekly chart, the rate of BTC is in the middle of a wide channel, between the support of $53,550 and the resistance of $73,794. The volume keeps falling, which means none of the sides is ready for a sharp move. In this case, traders are likely to see ongoing sideways trading in the area of $60,000-$66,000.

Bitcoin is trading at $61,813 at press time.

Source