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Bitcoin Price Prediction – A Break Through to $63,500 Would Bring $65,000 into Play

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·2 min read
In this article:
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After a mixed day for Bitcoin and the broader market on Monday, it’s been a broadly mixed morning for the crypto market.

At the time of writing, Bitcoin, BTC to USD, was up by 0.42% to $62,256.0.

A mixed start to the day saw Bitcoin fall to an early morning low $61,667.0 before making a move.

Steering clear of the first major support level at $60,357, Bitcoin rose to a mid-morning high $62,972.0.

Falling short of the first major resistance level at $63,156, however, Bitcoin eased back to sub-$62,500 levels.

The Rest of the Pack

It has been a mixed morning.

Ethereum and Litecoin led the way early on, with gains of 1.43% and 1.94% respectively.

Binance Coin (+0.59%), Bitcoin Cash SV (+0.92%), Chainlink +0.58%), and Ripple’s XRP (+0.21%) also found support.

Cardano’s ADA (-0.09%), Crypto.com Coin (-0.78%), and Polkadot (-0.30%) struggled through the morning, however.

Through the early hours, the crypto total market cap fell to an early morning low $2,475bn before rising to a high $2,523bn. At the time of writing, the total market cap stood at $2,506bn.

Bitcoin’s dominance rose to an early morning high 47.12% before falling to a low 46.75%. At the time of writing, Bitcoin’s dominance stood at 46.84%.

For the Afternoon Ahead

Bitcoin would need to avoid the $61,520 pivot to take another run at the first major resistance level at $63,156.

Support from the broader market will be needed, however, for Bitcoin to breakout from this morning’s high $62,972.0.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.

In the event of another extended rally through the afternoon, Bitcoin could test resistance at $65,000 levels before any pullback. The second major resistance level sits at $64,319.

Bitcoin would need plenty of support, however, to break out from its April all-time high $64,829.0.

A fall through the $61,520 pivot would bring the first major support level at $60,357 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$59,000 support levels. The second major support level sits at $58,721.

Looking beyond the support and resistance levels, we saw the 50 EMA hold its ground against the 100 and 200 EMAs through the morning.

We also saw the 100 EMA avoid a narrowing on the 200 EMA, delivering further support.

Through the 2nd half of the day, a widening of the 50 EMA from the 100 would bring $65,000 levels into play.

Key through the late morning and early afternoon, however, would be to avoid the $61,520 pivot.

This article was originally posted on FX Empire

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