Bitcoin Price Prediction – A Move Through to $47,000 Would Bring $50,000 into Play

After a bullish day for the crypto majors on Monday, it has been a mixed morning for Bitcoin and the broader crypto market.

At the time of writing, Bitcoin, BTC to USD, was down by 2.09% to $45,313.0.

A mixed start to the day saw Bitcoin rise to an early morning high $46,695.0 before hitting reverse.

Falling well short of the first major resistance level at $47,550, Bitcoin fell to a late morning current day low $45,251.2.

In spite of the reversal, Bitcoin avoided the day’s $45,170 pivot and steered well clear of the first major support level at $43,902.

The Rest of the Pack

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

Ethereum (-1.04%), Litecoin (-1.84%), and Ripple’s XRP (-0.58%) joined Bitcoin in the red.

It was a bullish morning for the rest of the crypto majors, however.

Through the morning, Cardano’s ADA was up by 6.39% to lead the way.

Bitcoin Cash SV (+1.27%), Crypto.com Coin (+1.42%), and Polkadot (+1.95%) also found strong support.

Binance Coin (+0.36%) and Chainlink (+0.71%) trailed the front runners, however.

Through the early hours, the crypto total market rose to an early morning high $1,855bn before falling to a low $1,809bn. At the time of writing, the total market cap stood at $1,823bn.

Bitcoin’s dominance rose to an early high 47.35% before falling to a low 46.77%. At the time of writing, Bitcoin’s dominance stood at 46.78%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall through $45,170 pivot to support another run at the first major resistance level $47,550.

Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $46,695.0.

Barring an extended crypto rally through the afternoon, the first major resistance level would likely cap any upside

In the event of an extended rally, however, Bitcoin should target the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $48,818.

A fall through the $45,170 pivot would bring the first major support level at $43,902 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$44,000 levels. The second major support level sits at $41,522.

Looking beyond the support and resistance levels, we saw the 50 EMA flatten through the morning, leading to a narrowing with the 100 EMA. We did see the 100 EMA pull away marginally from the 200 EMA, however. This limited the downside through the morning.

A continued narrowing of the 50 EMA on the 100 and the 200 EMAs this afternoon would bring support levels into play. Avoiding the day’s pivot, however, would bring resistance levels back into play. The Bitcoin bulls will be eyeing a return to $50,000…

Key going into the afternoon will be for Bitcoin to avoid a fall back through to sub-$45,000 levels.