Bitcoin (BTC) Price Prediction for October 5
According to CoinMarketCap, buyers are currently in control of the Bitcoin (BTC) market as the weekend begins. However, the price of BTC has fallen by 1.18% in the last 24 hours.
On the hourly chart, BTC’s price seems to have encountered a local resistance level at $62,308. If the daily closing price is significantly below this level, a correction to the $62,000 zone could be expected in the near future.
Taking a look at the bigger picture, it is crucial to monitor the closing price. If it closes near or above the $62,350 level, the potential for growth to the $63,000-$64,000 range in the coming week could be expected.
On the weekly chart, neither the bulls nor the bears have a clear advantage as the price of BTC remains in the middle of a wide channel. This observation is further supported by the declining trading volume.
As a result, it is more likely that BTC will continue to trade sideways within the $60,000-$66,000 range for the time being.
At the time of writing, Bitcoin is being traded at $62,239.