Bitcoin Price Prediction – Bulls Back in Control and Eyeing a Return to $53,000
After a bullish Wednesday for Bitcoin and the broader market, it’s been a bullish morning for Bitcoin and the broader crypto market.
At the time of writing, Bitcoin, BTC to USD, was up by 2.28% to $49,937.0.
A mixed morning saw Bitcoin fall to an early morning intraday low $48,631.0 before making a move.
Steering clear of the first major support level at $47,229, Bitcoin rallied to a late morning intraday high $50,350.0.
Bitcoin broke through the first major resistance level at $49,778 to revisit $50,000 for the first time since 23rd August.
Falling short of the 23.6% FIB of $50,473, however, Bitcoin slipped back to sub-$50,000 levels.
The Rest of the Pack
It has been a mixed morning for the broader crypto market.
At the time of writing, Polkadot was down by 4.00% to lead the way down, with Ethereum (-2.11%) also bucking the morning trend.
It was a bullish day for the rest of the majors, however.
Through the morning, Cardano’s ADA and Crypto.com Coin led the way, rallying by 6.06% and by 5.46% respectively.
Litecoin (+3.02%) and Ripple’s XRP (+3.10%) also found strong support, while Binance Coin (+0.17%), Bitcoin Cash SV (+0.61%), and Chainlink (+0.04%) trailed.
Through the early hours, the crypto total market cap fell to an early morning low $2,185bn before rising to a high $2,234bn. At the time of writing, the total market cap stood at $2,228bn.
Bitcoin’s dominance fell to an early morning low 41.76% before rising to a high 42.39%. At the time of writing, Bitcoin’s dominance stood at 42.15%.
For the Afternoon Ahead
Bitcoin would need to avoid a fall back through the first major resistance level at $49,778 to bring the second major resistance level at $50,733 into play.
Support from the broader market would be needed, however, for Bitcoin to break back through the 23.6% FIB of $50,473.
Barring an extended crypto rally through the afternoon, the second major resistance level would likely cap any upside.
In the event of an extended rally, however, Bitcoin could target $53,000 before any pullback. The third major resistance level sits at $53,282.
A fall back through first major resistance level and through the $48,184 pivot would bring the first major support level at $47,229 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$47,000 levels. The second major support level sits at $45,635.
Looking beyond the support and resistance levels, we saw bullish crosses in the early hours. The 50 EMA crossed through the 200 EMA, with the 100 EMA also crossing through the 200 EMA. We also saw the 50 EMA pull away from the 100 and the 200 EMAs through the late morning.
The bulls will be looking for a further widening of the 50 from the 100 to support a breakout from the 23.6% FIB of $50,473.
A flattening of the 50 EMA on the 100 and 200 EMAs, however, could pull Bitcoin back to sub-$49,000 before any recovery.
This article was originally posted on FX Empire
