Bitcoin Price Prediction – Bears in Control. Avoiding a Return to Sub-$48,500 Would Support a Recovery

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Published: Dec 13, 2021, 11:54 UTC

The Bitcoin (BTC) bears take control at the start of the week, with support levels in play. A move back through to $50,000 levels, however, would give the bulls a look at $53,000 levels.

This is the mid-session tech analysis for Bitcoin (BTC). We will be looking at movements through the morning session and today’s support, resistance, pivot levels, and Fibonacci’s. Additionally, we will look at the EMAs and the key levels for the 2^nd half of the day.

Bitcoin’s Morning Session

At the time of writing, Bitcoin, was down by 2.45% to $48,894.

A mixed start to the day saw Bitcoin rise to an early morning high $50,234 before hitting reverse. Falling short of the first major resistance level at $51,052, Bitcoin slid to a late morning low $48,320. The morning sell-off saw Bitcoin fall through the first major support level at $48,942.

Finding late support, however, Bitcoin briefly broke back through the first major support level before falling back to sub-$48,900 levels.

Key through the morning was avoiding sub-$48,000 support levels.

For the Afternoon Ahead

Bitcoin would need to move back through first major support level at $48,942 and the $49,871 pivot to bring the first major resistance level at $51,052 into play.

Support from the broader market would be needed for Bitcoin to break out from Sunday’s high $50,800. Barring an extended rally, the first major resistance level should limit the upside.

In the event of a broad-based crypto rally, Bitcoin could test the 23.6% FIB of $53,628. The second major resistance level sits at $51,981.

Failure to move back through the first major support level and the $49,871 pivot would bring sub-$48,500 levels back into play. Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$48,000 levels The second major support level sits at $47,761.

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

Through the afternoon, a bullish cross of the 50 through the 100 would bring $51,000 levels into play.

For the bulls, a avoiding sub-$48,500 would be needed to support a recovery.

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About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.