Bitcoin Price Prediction – A Return to $60,000 Remains on the Cards for the Bulls
At the time of writing, Bitcoin, was down by 1.94% to $56,462.
A mixed start to the day saw Bitcoin rise to an early morning high $57,762 before falling to a low $56,183.
In spite of the moves, Bitcoin avoided the day’s major support and resistance levels.
For the Afternoon Ahead
Bitcoin would need to move back through the $56,966 pivot to bring the first major resistance level at $58,480 into play.
Support from the broader market would be needed for Bitcoin to break back through to $58,000 levels.
Barring an extended rally, the first major resistance level should limit the upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $59,382.
Failure to move back through the $56,966 pivot would bring the first major support level at $56,064 back into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should avoid the second major support level at $54,550 and the 23.6% FIB of $53,628.
Looking beyond the support and resistance levels, we saw the 50 EMA pull further back from the 100 and 200 EMAs this morning.
We also saw the 100 EMA pullback from the 200, delivering further downside pressure.
A further pullback of the 50 EMA from the 100 would bring sub-$55,000 levels into play.
Key through the late morning and early afternoon would be to move back through the day’s pivot level and revisit $58,000 levels to then target a return to $60,000.