Bitcoin

Daily

<p data-wp-editing="1"><a href="https://bc.game/i-q0xtr0kn-n/" rel="noopener noreferrer nofollow"><img class="alignnone wp-image-129906 size-full" src="https://en.coinotag.com/wp-content/uploads/2023/10/bcgame.webp" alt="bcgame" width="350" height="250"></a></p>
<ul>
 <li>Bitcoin is testing the $31,500 resistance.</li>
 <li>Daily closes above $31,500 can support the uptrend.</li>
 <li>Breaking the $28,600 resistance may open the path for an uptrend towards $34,000.</li>
</ul>
<p><strong>Bitcoin is currently testing the $31,500 level, and daily closes above this level indicate the potential for the price to continue its uptrend. As mentioned in the previous analysis, breaking the $28,600 resistance could pave the way for an uptrend towards $34,000.</strong></p>
<h2 id="strong-mid-term-bitcoin-analysis-strong"><strong>Mid-Term Bitcoin Analysis</strong></h2>
<figure id="attachment_130089" aria-describedby="caption-attachment-130089" style="width: 100%" class="wp-caption alignnone"><a href="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTCUSDT_2023-10-23_21-48-37-scaled.webp?quality=70&amp;ssl=1" rel="noopener noreferrer nofollow"><img decoding="async" loading="lazy" class=" td-modal-image wp-image-130089 size-full" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTCUSDT_2023-10-23_21-48-37-scaled.webp?resize=696%2C360&amp;quality=70&amp;ssl=1" alt="Daily BTC/USD Price Chart" width="696" height="360" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTCUSDT_2023-10-23_21-48-37-scaled.webp?w=2560&amp;quality=70&amp;ssl=1 2560w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTCUSDT_2023-10-23_21-48-37-scaled.webp?resize=300%2C155&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTCUSDT_2023-10-23_21-48-37-scaled.webp?resize=1024%2C530&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTCUSDT_2023-10-23_21-48-37-scaled.webp?resize=768%2C397&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTCUSDT_2023-10-23_21-48-37-scaled.webp?resize=1536%2C795&amp;quality=70&amp;ssl=1 1536w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTCUSDT_2023-10-23_21-48-37-scaled.webp?resize=2048%2C1060&amp;quality=70&amp;ssl=1 2048w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTCUSDT_2023-10-23_21-48-37-scaled.webp?resize=150%2C78&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTCUSDT_2023-10-23_21-48-37-scaled.webp?resize=696%2C360&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTCUSDT_2023-10-23_21-48-37-scaled.webp?resize=1068%2C553&amp;quality=70&amp;ssl=1 1068w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTCUSDT_2023-10-23_21-48-37-scaled.webp?resize=1920%2C994&amp;quality=70&amp;ssl=1 1920w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTCUSDT_2023-10-23_21-48-37-scaled.webp?w=1392&amp;quality=70&amp;ssl=1 1392w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></a>
 <figcaption id="caption-attachment-130089" class="wp-caption-text">
  Daily BTC/USD Price Chart
 </figcaption>
</figure>
<p>When we look at the daily technical chart of Bitcoin, as stated in the analysis on October 17, the critical resistance level was noted as $28,600. Coinotag analysts mentioned that if BTC manages to achieve daily closes above this level, it would sustain the uptrend.</p>
<p>Today, BTC experienced a 3.80% increase and is currently trading around $31,100. However, if BTC fails to achieve daily closes above the $31,500 resistance, it could initiate a downtrend with a target of the <strong>$28,600 – $28,300</strong> support area.</p>
<p>Nonetheless, if the BTC price garners strong buying reactions within this $28,600 – $28,300 range, it may aim to reinitiate the uptrend, targeting <strong>$34,000</strong>.</p>
<h2 id="strong-short-term-btc-analysis-strong"><strong>SHORT-TERM BTC ANALYSIS</strong></h2>
<figure id="attachment_130090" aria-describedby="caption-attachment-130090" style="width: 100%" class="wp-caption alignnone"><a href="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTCUSDT.P_2023-10-23_21-56-54-scaled.webp?quality=70&amp;ssl=1" rel="noopener noreferrer nofollow"><img decoding="async" loading="lazy" class=" td-modal-image wp-image-130090 size-full" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTCUSDT.P_2023-10-23_21-56-54-scaled.webp?resize=696%2C360&amp;quality=70&amp;ssl=1" alt="3-Hour BTC/USD Price Chart" width="696" height="360" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTCUSDT.P_2023-10-23_21-56-54-scaled.webp?w=2560&amp;quality=70&amp;ssl=1 2560w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTCUSDT.P_2023-10-23_21-56-54-scaled.webp?resize=300%2C155&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTCUSDT.P_2023-10-23_21-56-54-scaled.webp?resize=1024%2C530&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTCUSDT.P_2023-10-23_21-56-54-scaled.webp?resize=768%2C397&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTCUSDT.P_2023-10-23_21-56-54-scaled.webp?resize=1536%2C795&amp;quality=70&amp;ssl=1 1536w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTCUSDT.P_2023-10-23_21-56-54-scaled.webp?resize=2048%2C1060&amp;quality=70&amp;ssl=1 2048w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTCUSDT.P_2023-10-23_21-56-54-scaled.webp?resize=150%2C78&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTCUSDT.P_2023-10-23_21-56-54-scaled.webp?resize=696%2C360&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTCUSDT.P_2023-10-23_21-56-54-scaled.webp?resize=1068%2C553&amp;quality=70&amp;ssl=1 1068w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTCUSDT.P_2023-10-23_21-56-54-scaled.webp?resize=1920%2C994&amp;quality=70&amp;ssl=1 1920w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTCUSDT.P_2023-10-23_21-56-54-scaled.webp?w=1392&amp;quality=70&amp;ssl=1 1392w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></a>
 <figcaption id="caption-attachment-130090" class="wp-caption-text">
  3-Hour BTC/USD Price Chart
 </figcaption>
</figure>
<p>When we focus on the short-term technical chart of Bitcoin, we see that it’s trading near a significant resistance level around <strong>$31,500</strong>. If BTC manages to achieve 4-hour candle closes above the $31,500 resistance, it might continue its upward movement towards $32,400.</p>
<p>However, if Bitcoin fails to secure 4-hour closes above the $31,500 resistance, it could be prone to continuing its downward trend. In this case, it may aim for a descent towards the blue support range mentioned in the analysis, which lies between $29,700 and $29,330. If Bitcoin receives robust buying reactions from this blue support zone, it could target a move back up towards the $30,800 level.</p>
<p>But should the BTC price close below $29,300, it may have a tendency to persist in its downward trend towards the <strong>$28,477</strong> level. Therefore, investors who have taken long positions should manage their trades attentively.</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com/will-bitcoin-continue-its-uptrend-whats-the-upside-target/">Will Bitcoin Continue its Uptrend? What’s the Upside Target?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p>
<table style="width: 100%; border-collapse:">
 <tbody>
  <tr>
   <td style="width: 100%; text-align: left;"><a href="https://en.coinotag.com/altcoin-exchange-1333421/" target="_blank" rel="noopener noreferrer nofollow"><strong><span style="color: #000000;">Did you missed the PEPE?<span style="color: #e67e22;"> No worries, click here to 100x potential memes!</span></span></strong></a></td>
  </tr>
 </tbody>
</table>

Will Bitcoin Continue its Uptrend? What’s the Upside Target?

Table of Contents

COINOTAG NEWS

Other articles published on Oct 23, 2023

Top Investors Are Buying Stellar, Everlodge and Aave Ahead of the 2024 Crypto Bull Run, We Find O...

FTX Scandal Is A Watershed Moment for Crypto Industry

FBI Takes Down Unlicensed Crypto-to-Fiat Operation in New York

Reddit Removes Moderators Accused of 819,580 MOON Insider Trading

KEY Difference Secures DMCC’s Business Incubator License to Raise Next Web3 Unicorns

Oasys (OAS): Unpacking the Multi-Layered Framework for Blockchain Gaming

Join our free newsletter for daily crypto updates!