Bitcoin Price Prediction Daily (07-Nov-2022): Rejection at $21,500?
How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just below the $21,000 mark and is still showing bullish signs on the lower timeframes. The price managed to break above $21,000 comfortably over the weekend and also met our target of $21,500. Right now, BTC seems to be facing rejection at the $21,500 mark, and we could see it drop further before continuing toward the upside. Let’s take a quick look at the Bitcoin Price Prediction Daily (07-Nov-2022) to see where things could be headed next for BTC in the immediate short term.
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Analyzing the Charts
If we take a quick look at the latest 1-hour charts for Bitcoin, we can see that the price broke above $21,000 on Friday and stayed above it till today’s morning.
We can also notice that the price met our target of $21,500 and is going down after facing rejection there. If BTC continues to drop here, the support level we will be watching for it is the $20,400 mark. This area has acted as both resistance and support in the past couple of weeks.
On the other hand, if the price manages to get back above $21,000 and starts gaining more momentum. Then the next target we will be eyeing after $21,500 is the $22,600 mark.
The $22,600 mark also has plenty of significance as it has acted as strong support in the past. If the price manages to get there, we might see sellers try to push the market down once again.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading below $21,000 and could soon be retesting the $20,400 mark. The price managed to stay above the $21,000 mark over the weekend and also met our target of $21,500. However, it seems to be losing momentum now and is headed toward the downside once again. We will not be placing any short-term trades on Bitcoin at present and will wait for the price to get back above $21,000.
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