Bitcoin Price Prediction – A Move Through $62,500 Would Bring $65,000 into Play
After a mixed day for Bitcoin and the broader market on Sunday, it’s been a bullish morning for the crypto market.
At the time of writing, Bitcoin, BTC to USD, was up by 1.13% to $62,026.0.
A mixed start to the day saw Bitcoin fall to an early morning low $59,522.0 before making a move.
Bitcoin fell through the first major support level at $60,085 before rallying to a late morning current day high $62,442.0.
Falling short of the first major resistance level at $62,495, however, Bitcoin fell back to sub-$62,000 levels before finding support.
The Rest of the Pack
It’s been a mixed morning for the rest of the majors.
Ripple’s XRP bucked the morning trend, falling by 1.28%.
It has been a bullish morning for the rest of the majors, however.
At the time of writing, Polkadot was up by 3.01% to lead the way.
Binance Coin (+2.62%) and Crypto.com Coin (+2.02%) also found strong support.
Bitcoin Cash SV (+0.39%), Cardano’s ADA (+1.35%), Chainlink (+1.63%), Ethereum (+0.95%), and Litecoin (+1.05%) trailed the front runners, however.
Through the early hours, the crypto total market cap fell to an early morning low $2,545bn before rising to a high $2,656bn. At the time of writing, the total market cap stood at $2,652bn.
Bitcoin’s dominance fell to an early morning low 44.03% before rising to a high 44.38%. At the time of writing, Bitcoin’s dominance stood at 44.14%.
For the Afternoon Ahead
Bitcoin would need to avoid a fall back through the $61,250 pivot to take another run at the third major resistance level at $62,495.
Support from the broader market will be needed, however, for Bitcoin to breakout from the morning high $62,442.0.
Barring an extended crypto rally, the first major resistance and resistance at $62,500 would likely cap any upside.
In the event of another extended rally through the afternoon, Bitcoin could test resistance at $65,000 before any pullback. The second major resistance level sits at $63,660.
A fall back through the $61,250 pivot would bring the first major support level at $60,085 back into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$59,000 levels.
The second major support level sits at $58,840.
Looking beyond the support and resistance levels, we saw the 50 EMA converge on the 100 and 200 EMAs this morning. We also saw the 100 EMA converge on the 200 EMA.
Through the 2nd half of the day, a bullish cross of the 50 EMA through the 100 and 200 would bring $65,000 levels into play.
Key through the early afternoon, however, would be to avoid a fall back through to sub-$61,200 levels.
This article was originally posted on FX Empire
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