Bitcoin Price Prediction – Bears Hit Back with Sub-$54,000 Eyed

At the time of writing, Bitcoin, was down by 6.99% to $54,888.

A mixed start to the day saw Bitcoin rise to an early morning high $59,238 before sliding to a late morning low $54,382.

The morning sell-off saw Bitcoin slide through the first major support level at $57,581 and the second major support level at $56,146.

While returning to sub-$55,000 levels, however, Bitcoin managed to avoid the third major support level at $53,789, supporting a move back through $54,500 levels.

For the Afternoon Ahead

Bitcoin would break back through the major support levels and the $58,502 pivot to bring the first major resistance level at $59,937 into play.

Support from the broader market would be needed for Bitcoin to break out from this morning’s high $59,238 and $59,500 levels.

Barring an extended rally, the first major resistance level should limit the upside.

In the event of a broad-based crypto rebound, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $60,859.

Failure to move back through the major support levels, however, would bring the third major support level at $53,789 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of $53,000 levels. The 23.6% FIB of $53,628 should limit the downside.

Looking beyond the support and resistance levels, we saw a bearish cross this morning with the 50 EMA crossing back through the 100 EMA. We also saw the 100 EMA pullback from the 200 EMA adding further downside pressure.

A further pullback of the 50 EMA from the 100 would bring sub-$54,000 levels into play.

For the bulls, a return to $58,000 would be key to avoid an extended sell-off on the day.