RATE Group | Bitcoin (BTC) Price Watch: Aiming for $7,000 Next?
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Bitcoin (BTC) Price Watch: Aiming for $7,000 Next?

02 Nov Bitcoin (BTC) Price Watch: Aiming for $7,000 Next?

Posted at 06:19h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price is gaining traction on it bounce off the channel support on its 4-hour time frame.
  • A move to the next upside targets might be in the works and the Fibonacci extension tool marks these.
  • Technical indicators are hinting at weakening bullish momentum, though.

Bitcoin price looks ready to resume its climb and might aim for these upside targets marked by the Fib tool.

Technical Indicators Signals

The 100 SMA seems to be crossing below the longer-term 200 SMA to indicate that bearish pressure might return, but it could also be a delayed reaction to the latest slide. If the short-term MA is able to hold its head above the 200 SMA, it could reinforce the presence of bullish momentum.

Bitcoin price could aim for the 38.2% Fib extension from here as this lines up with the dynamic inflection points at the moving averages. The 50% level lines up with the mid-channel area of interest around $6,700 and the 78.6% level lines up with the top of the channel at…

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