Bitcoin Price Prediction – A Move Back Through to $48,000 Would Give the Bulls a Run at $50,500…

Bob Mason
3 min read
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After a particularly bearish Thursday, 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 1.54% to $47,563.0.

A mixed morning saw Bitcoin fall to an early morning low $46,363.0 before making a move.

Steering clear of the first major support level at $45,638, Bitcoin rose to a late morning high $47,762.0.

In spite of the rebound, however, Bitcoin fell well short of the first major resistance level at $48,713.

The Rest of the Pack

It has been a bullish morning for the broader crypto market.

At the time of writing, Cardano’s ADA was up by 7.79% to lead the way.

Chainlink (+3.15%), Polkadot (+4.03%), and Ripple’s XRP (+4.55%) also found strong support.

Binance Coin (+1.30%), Bitcoin Cash SV (+1.61%), Crypto.com Coin (+1.26%), Ethereum (+2.30%), and Litecoin (+1.54%) trailed the front runners, however.

Through the early hours, the crypto total market fell to an early morning low $1,947bn before rising to a high $2,026bn. At the time of writing, the total market cap stood at $2,020bn.

Bitcoin’s dominance rose to an early morning high 44.80% before falling to a low 44.27%. At the time of writing, Bitcoin’s dominance stood at 44.29%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall back through the $47,512 pivot to bring the first major resistance level at $48,713 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $48,000 levels.

Barring an extended crypto rally through the afternoon, the first major resistance level and resistance at $49,000 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 $50,587.

Failure to avoid a fall back through the first major support level at $47,512 would bring the second major support level at $45,638 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$45,000 levels. The second major support level sits at $44,437.

Looking beyond the support and resistance levels, we saw the 50 EMA pullback further back from the 100 and 200 EMAs before flattening.

The flattening out drew sidelined investors back in through the late morning.

A further narrowing of the 50 EMA on the 200 and 100 EMA would provide additional support. The bulls will be looking for a bullish cross formation in the 2nd half of the day.

Bitcoin would need to move back through to $48,000 levels, however, to give the bulls a run at the resistance levels and bring $50,000 back into play.

A fall back to sub-$46,500 would give the bears the upper hand once more and deliver another day of heavy losses.

This article was originally posted on FX Empire

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