Bitcoin (BTC) Price Prediction – October 28, 2020
Today, BTC/USD is retracing after rejection from the $13,800 high. The price fell and found support above $13,200. The coin will resume a sideways move if the price breaks below the $13,200 support. Before the recent rejection, BTC price has been fluctuating between $12,800 and $13,200. Presently, the coin has fallen to $13,213.0.
Resistance Levels: $13,000, $14,000, $15,000
Support Levels: $7,000, $6,000, $5,000
BTC/USD – Daily Chart
With the recent breakout above $13,200, BTC price reached the $13,800 high . The upward move was repelled as the price fell to a $13,200 low. The coin is hovering above the $13,200 support. The uptrend will resume upward if the support level holds. However, buyers could not sustain the recent price movement. The rejection at the $13,800 has made BTC to fluctuate between $13,200 and $13,800. Meanwhile, BTC price is above the 80% range of the daily stochastic. The market is trading in the overbought region. The current downward movement of prices was a result of sellers pushing the price to the previous low. BTC price will resume the current uptrend if price retraces and finds support above $13,000 support.
Unconfirmed Bitcoin Transactions on the Bitcoin Network Reaches the Highest Level Since 2017
Reports have it that because of BTC’s new price highs, the network is slowing down causing a large number of unconfirmed transactions. The Hash rate has also tumbled on the Bitcoin network. On October 27, the number of unconfirmed Bitcoin transactions surpassed 100,000. This is the highest number of unconfirmed Bitcoin transactions recorded since late 2017 when BTC reached the $20,000 price level. According to data from Blockchain.com, the high number of unconfirmed transactions in the Bitcoin mempool was recorded in early December 2017, accounting for about 180,000 transactions.
BTC/USD – 1 Hour Chart
Meanwhile, Bitcoin bulls are recouping above $13,040 support after the rejection at the $13,800 resistance. BTC price will resume an upward move. On October uptrend, the retraced candle body tested the 38.2% Fibonacci retracement level. It indicates that BTC will rise and reach level of 2.618 Fibonacci extension. That is the high of $14349.60