Bitcoin Price Prediction – A Move Back to $50,500 Would Bring $52,000 into Play

After a bullish start to the week on Monday, it’s been a broadly bearish morning for Bitcoin and the broader crypto market.

At the time of writing, Bitcoin, BTC to USD, was down by 0.56% to $49,248.0.

A mixed morning saw Bitcoin fall to an early morning low $48,703.0 before finding support.

Bitcoin fell through the first major support level at $48,867 before rising to a mid-morning current day high $49,860.0.

Falling short of the first major resistance level at $50,370, however, Bitcoin slipped back into the red.

The Rest of the Pack

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

Crypto.com Coin bucked the trend through the morning, rising by 2.15%.

It’s been a bearish morning for the rest of the majors, however.

At the time of writing, Cardano’s ADA led the way down, falling by 1.72%.

Binance Coin (+1.48%) and Polkadot (-1.52%) also struggled through the morning.

Bitcoin Cash SV (-0.38%), Chainlink (-0.32%), Ethereum (-0.32%), Litecoin (-0.96%), and Ripple’s XRP (-0.75%) saw relatively modest losses, however.

Through the early hours, the crypto total market fell to an early morning low $2,083bn before rising to a high $2,129bn. At the time of writing, the total market cap stood at $2,103bn.

Bitcoin’s dominance fell to an early morning low 43.93% before rising to a high 44.10%. At the time of writing, Bitcoin’s dominance stood at 44.04%.

For the Afternoon Ahead

Bitcoin would need to move back through $49,713 pivot to bring the first major resistance level at $50,370 and the 23.6% FIB of $50,473 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $50,000 levels.

Barring an extended crypto rally through the afternoon, the first major resistance level and 23.6% FIB would likely cap any upside.

In the event of an extended rally, however, Bitcoin could target $52,000 levels, however, before any pullback. The second major resistance level sits at $51,216.

Failure to move back through the $49,713 pivot would bring the first major support level at $48,867 back into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$48,000 levels. The second major support level at $48,210 should limit the downside.

Looking beyond the support and resistance levels, we saw the 50 EMA narrow on the 100 and 200 EMAs. The 100 also narrow marginally on the 200 EMA adding further pressure through the morning.

In spite of the narrowing, there are no immediate signs of bearish crosses, suggesting a recovery to come.

A further narrowing of the 50 EMA on the 100 and the 200 EMAs this afternoon, however, would bring support levels back into play.

Bitcoin would need to move back through to $50,500 levels, however, to give the bulls a run at $52,000.