Bitcoin (BTC) Price Prediction for October 17

Bears are becoming more powerful, according to CoinStats.

BTC/USD

The price of Bitcoin (BTC) has fallen by 0.81% over the last 24 hours.

On the hourly chart, the rate of BTC is rather more bearish than bullish as it is near the support of $66,789. If the daily candle closes around that mark, there is a chance to see a breakout, followed by a move to the $66,500 range.

On the bigger time frame, the price of the main crypto is trading in the narrow range. Traders may start thinking about a further upward move only if the rate gets back to the resistance of $67,922 and fixes above it.

If that happens, the rise may continue to the $69,000-$70,000 area.

On the weekly chart, one should pay attention to the interim zone of $70,000. If the rate reaches it, the accumulated energy might be enough for a test of the resistance of $73,794.

Bitcoin is trading at $67,254 at press time.

Source