Bitcoin Price Prediction – $48,500 Remains Elusive, Leaving the Bears in Control

This is the mid-session tech analysis for Bitcoin (BTC). We will be looking at movements through the morning session and today’s support, resistance, pivot levels, and Fibonacci’s. Additionally, we will look at the EMAs and the key levels for the 2^nd half of the day.

Bitcoin’s Morning Session

At the time of writing, Bitcoin, was up by 1.41% to $47,409.

A mixed start to the day saw Bitcoin fall to an early morning low $46,356 before making a move. Steering clear of the first major support level at $44,947, Bitcoin rose to a late morning high $47,572.

Falling well short of the first major resistance level at $49,393, however, Bitcoin slipped back to sub-$47,500 levels.

Key through the morning was avoiding sub-$46,000 and the major support levels.

For the Afternoon Ahead

Bitcoin would need to move through the $47,590 pivot to bring the first major resistance level at $49,393 into play.

Support from the broader market would be needed for Bitcoin to break out from $48,500 levels. Barring an extended rally, the first major resistance level should limit the upside.

In the event of a broad-based crypto rally, Bitcoin could test the 23.6% FIB of $53,628. The second major resistance level sits at $52,036.

Failure to move through the $47,590 pivot would bring the first major support level at $44,947 into play. Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of the second major support level at $43,144. The 38.2% FIB of $44,144 should limit the downside.

Looking beyond the major support and resistance levels, we saw the 50 EMA pullback from the 100 EMA. We also saw the 100 EMA pullback from the 200, adding further selling pressure.

Through the afternoon, a further pullback of the 50 from the 100 would bring sub-$46,000 levels into play.

For the bulls, a return to $48,500 would be needed, however, to support a return to $50,000.

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