Bitcoin price is back above the 100 hourly SMA, but must surpass $15,600 for more upsides

By Selena On Nov 9, 2020

Bitcoin price will likely initiate a fresh rise from as low as $ 14,380. Now BTC is back above the 100-hour SMA, but it has to break through $ 15,600 to rise further in the near term. At press time, BTC is trading around $ 15,411, up nearly 3% over the past 24 hours.

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price has bounced back above $ 15,200 and the 100 hourly simple moving average

After a sharp downside correction, Bitcoin found support close to $ 14,400 levels. BTC was trading as low as $ 14,380 and started a steady up move. It broke through the resistance levels of $ 14,800 and $ 15,000.

More importantly, there was a break above the main downtrend line with resistance near $ 15,300 on the BTC/USD pair’s hourly chart. The bulls were able to clear the 50% Fib retracement level of the downside correction from the range of $ 15,990 to the low of $ 14,380. The pair even settled above $ 15,200 and the 100 hourly simple moving average. Bitcoin price is currently facing stiff resistance near the $ 15,600 level.

Source: TradingView

The 76.4% Fib retracement level of the downside correction from the range of $ 15,990 to the low of $ 14,380 also acts as a resistance. A clear break above the $ 15,600 resistance is needed to be more likely in the near term. The next major resistance level is near $ 15,800, above which it can return to $ 15,950. Any further rise could lead the price above the $ 16,000 and $ 16,120 levels.

If Bitcoin fails to break out of the $ 15,600 resistance, there is a risk of a new drop. Initial support is close to $ 15,200 and the 100 hourly simple moving average. A drop below the 100-hour simple moving average and the $ 15,200 support zone could increase Bitcoin’s selling pressure. There is a risk of falling to the $ 14,800 and $ 14,750 supports in the coming sessions in the stated case.

Wall Street legend Bill Miller makes a powerful case for investing in Bitcoin

In a CNBC interview, Bill Miller, the co-founder of Miller Value Partners, said that he is offering a powerful investment case for Bitcoin, labeling it as the single best performing asset in multiple time periods.

According to him, the demand for Bitcoin is significantly outpacing supply:

“The Bitcoin story is very easy, it’s supply-demand. It’s economics not 101 but .01 which is Bitcoin’s supply is growing around 2.5% a year, and the demand is growing faster than that, and there’s going to be a fixed number of them.”

Although Miller expects Bitcoin to remain volatile, he says that the leading cryptocurrency is here to stay:

It’s been very volatile, but I think right now its staying power gets better every day. I think the risks of Bitcoin going to zero are much, much lower than they’ve ever been before.”

In recent months, publicly traded companies like MicroStrategy and Square have made multi-million-dollar bets on BTC. Meanwhile, financial services firm PayPal is also hopping on the bandwagon after announcing support for Bitcoin and other major cryptocurrencies.

You can see the Bitcoin price here.

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