Bitcoin (BTC) Price Analysis for October 23

The weekend has begun with a downtrend on the cryptocurrency market as almost all of the coins are in the red zone.

Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has gone down by almost 3% since yesterday, while the price change over the last week is unchanged.

BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) is trading around the zone of the most liquidity at $61,800. The growth is accompanied by a high trading volume; however, bulls are out of energy to keep the growth to $63,000 and above.

BTC/USD chart by TradingView

From the mid-term point of view, the rise may continue to yesterday’s peak at $63,757. However, such a move might be considered a correction after a sharp fall but not a reason to return to $67,000.

What’s more, the low buying trading volume confirms this idea.

BTC/USD chart by TradingView

Analyzing the weekly time frame, Bitcoin (BTC) made a false breakout of the previous peak set in April of this year. If the candle closes around the current levels, bulls might face difficulties in keeping the growth. In the event of bearish pressure and a return below the crucial level of $60,000, the fall may continue to the mirror area that serves the support around $53,000.

Bitcoin is trading at $61,542 at press time.

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