Bitcoin Price Prediction – It’s Back to $48,500 or sub-$47,000 for the Bulls
After a particularly bearish Tuesday, it’s been a mixed morning for Bitcoin and the broader crypto market.
At the time of writing, Bitcoin, BTC to USD, was down by 0.41% to $47,524.0.
A mixed morning saw Bitcoin rise to a mid-morning high $48,600 before hitting reverse.
Falling short of the first major resistance level at $49,198, Bitcoin slid to a late morning intraday low $47,143.0.
Steering clear of the first major support level at $46,893, however, Bitcoin moved back through to $47,500 levels.
The Rest of the Pack
It has been a mixed morning for the broader crypto market.
Binance Coin (+0.90%), Polkadot (+0.01%), and Ripple’s XRP (+0.06%) bucked the morning trend.
It’s been a bearish morning for the rest of the majors, however.
At the time of writing, Crypto.com Coin led the way down, falling by 3.14%, with Bitcoin Cash SV (-2.34%) and Cardano’s ADA (-2.49%) also struggling.
Chainlink (-0.16%), Ethereum (-1.44%), and Litecoin (-0.80%) saw relatively modest losses, however.
Through the early hours, the crypto total market rose to an early morning high $2,058bn before falling to a low $1,980bn. At the time of writing, the total market cap stood at $2,001bn.
Bitcoin’s dominance fell to an early morning low 44.29% before rising to a high 44.78%. At the time of writing, Bitcoin’s dominance stood at 44.57%.
For the Afternoon Ahead
Bitcoin would need to move back through $48,376 pivot to bring the first major resistance level at $49,198 into play.
Support from the broader market would be needed, however, for Bitcoin to break back through to $49,000 levels.
Barring an extended crypto rally through the afternoon, the first major resistance level would likely cap any upside.
In the event of an extended rally, however, Bitcoin could target the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $50,681.
Failure to move back through the $48,376 pivot would bring the first major support level at $46,893 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$46,000 levels. The second major support level at $46,071 should limit the downside.
Looking beyond the support and resistance levels, we saw the 50 EMA merge on the 100 and narrow on the 200 EMA. The 100 also narrowed on the 200 EMA adding further pressure through the morning.
A bearish cross of the 50 EMA through the 100 would add further downside pressure in the afternoon.
More significantly, a narrowing of the 100 EMA on the 200 EMA would bring support levels into play.
Bitcoin would need to move back through to $48,500 levels to give the bulls a run at $50,000.
A fall back to sub-$47,000 could give the bears the upper hand once more and deliver another day of extended losses.
This article was originally posted on FX Empire
