Bitcoin Price Prediction – A Move back through $66,500 Would Bring last Week’s ATH into Play
It’s been a mixed morning session for Bitcoin and the broader market.
At the time of writing, Bitcoin, BTC to USD, was up by 0.49% to $65,797.4.
A mixed start to the day saw Bitcoin fall to a late morning low $65,259.7 before making a move.
Steering clear of the first major support level at $64,201, Bitcoin rose to a late morning high $66,343.9.
Bitcoin broke through the first major resistance level at $66,111 before falling back to sub-$66,000 levels.
The Rest of the Pack
It’s been a mixed morning for the rest of the majors.
For the rest of the crypto majors, it’s been a bullish morning, however.
Through the morning, Crypto.com Coin surged by 15.81% to lead the way.
Through the early hours, the crypto total market cap fell to an early morning low $2,816bn before rising to a late morning high $2,870bn. At the time of writing, the total market cap stood at $2,855bn.
Bitcoin’s dominance rose to a late morning low 43.92% before falling to a late morning low 43.47%. At the time of writing, Bitcoin’s dominance stood at 43.45%.
For the Afternoon Ahead
Bitcoin would need to avoid a fall through the $64,837 pivot to bring the first major resistance level at $66,111 back into play.
Barring an extended rally, the first major resistance level and morning high $66,343.9 should limit the upside.
In the event of another extended rally through the afternoon, Bitcoin could test resistance at Wednesday’s ATH $68,958.0 before any pullback. The second major resistance level sits at $66,747 and the third major resistance level at $68,657.
A fall through the $64,837 pivot would bring the first major support level at $64,201.
Barring an afternoon reversal, however, Bitcoin should avoid sub-$64,000 levels.
The second major support level sits at $62,927.
Looking beyond the support and resistance levels, we saw a bullish cross with the 50 EMA crossing through the 100 EMA this morning. We also saw the 100 EMA pull away from the 200 EMA, providing further support.
Through the 2nd half of the day, a further widening of the 50 EMA from the 100 would bring $68,000 levels into play. From there, momentum will dictate.
Key through the early afternoon would be to break back through the first major resistance level at $66,111.
A fall back to sub-$65,000 levels would deliver a heavy loss on the day.