Bitcoin Price Prediction – A Move Back through to $47,500 Would Bring $49,000 into Play

After a mixed start to the week, 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 2.19% to $46,941.0.

A choppy start to the day saw Bitcoin fall to an early morning low $45,291.0 before making a move.

Steering clear of the of the first major support level at $45,061, Bitcoin rose to a late morning current day high $47,167.0.

Falling short of the first major resistance level at $47,441, however, Bitcoin slipped back to sub-$47,000 levels.

The Rest of the Pack

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

At the time of writing, Chainlink and Polkadot were up by 7.56% and by 76.05% to lead the way once more.

Binance Coin (+4.45%), Ethereum (+4.23%), and Litecoin (+3.18%) also found strong support.

Bitcoin Cash SV (+2.52%), Cardano’s ADA (+1.48%), Crypto.com Coin (+1.43%), and Ripple’s XRP (+2.58%) trailed the front runners, however.

Through the early hours, the crypto total market fell to an early morning low $1,908bn before rising to a high $2,009bn. At the time of writing, the total market cap stood at $2,005bn.

Bitcoin’s dominance rose to an early morning high 44.65% before falling to a low 44.01%. At the time of writing, Bitcoin’s dominance stood at 44.01%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall back through the $46,565 pivot to bring the first major resistance level at $47,441 back into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $47,167.0.

Barring an extended crypto rally through the afternoon, the first major resistance level and Monday’s high $48,069 would likely cap any upside

In the event of an extended rally, however, Bitcoin could target $49,000 levels before any pullback. The second major resistance level sits at $48,945.

A fall back through the $46,565 pivot would bring the first major support level at $45,061 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 $44,185.

Looking beyond the support and resistance levels, we saw the 50 EMA pull away from the 100 and 200 EMAs through the late morning. This was after a narrowing through the early hours. We also saw the100 EMA pull away from the 200 EMA. The bullish mid-morning signals supported the late morning rally.

A continued widening of the 50 EMA from the 100 and the 200 EMAs this afternoon would bring $49,000 levels into play.

Avoiding a fall back through the $46,565 will be key in the early afternoon.