Bitcoin (BTC) Price Prediction for November 3
Most coins are experiencing a correction today, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has seen a decline of 1.6% since yesterday. However, over the last week, the price has still managed to rise by 2.04%.
When looking at the hourly chart, it is evident that BTC is currently under pressure from bears, as it is closer to the support level rather than the resistance level. This suggests that there may be a test of the bottom line at $67,823 in the near future.
On a larger time frame, there are currently no signs of a reversal. If the daily candle closes near its low, it is likely that the correction will continue and reach the $67,000 range next week.
Taking a midterm perspective, the weekly candle is expected to close far from its peak, which is not favorable for a further upward move. As a result, there is a possibility of a drop to the $66,000-$67,000 range in the near future.
At the time of writing, Bitcoin is trading at $68,451.