Bitcoin Price Prediction – Bears Target sub-$58,000 after the Bulls Fail to Hit $70,000
It’s been a bearish morning session for Bitcoin and the broader market.
At the time of writing, Bitcoin, BTC to USD, was down by 5.27% to $60,209.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $63,562.0 before hitting reverse.
Falling short of the first major resistance level at $65,486, Bitcoin slid to a late morning intraday low $58,625.7.
The extended sell-off saw Bitcoin fall through the first major support level at $62,493 and the second major support level at $61,426.
Steering clear of the third major support level at $58,433, however, Bitcoin revisited $60,400 levels before easing back.
The Rest of the Pack
It’s been a bearish morning for the rest of the majors.
Litecoin led the way down, sliding by 10.67%.
Through the early hours, the crypto total market cap fell from an early morning high $2,766bn to a late morning low $2,517bn. At the time of writing, the total market cap stood at $2,602bn.
Bitcoin’s dominance fell to an early morning low 43.39% before rising to a late morning high 44.01%. At the time of writing, Bitcoin’s dominance stood at 43.69%.
For the Afternoon Ahead
Bitcoin would need to move back through the major support levels and the $64,419 pivot to bring the first major resistance level at $65,486 into play.
Support from the broader market would be needed for Bitcoin to break out from $63,000 levels.
Barring an extended rally, the first major resistance level at $65,486 should limit the upside.
In the event of a broad-based crypto rebound, Bitcoin could test resistance at last Wednesday’s ATH $68,958.0 before any pullback. The second major resistance level sits at $67,412.
Failure to move back through the first and second major support levels would bring the third major support level at $58,433 back into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should avoid a return to sub-$59,000 levels.
Looking beyond the support and resistance levels, we saw bearish crosses through the morning.
The 50 EMA crossed through the 100 and 200 EMAs, with the 100 crossing through the 200 EMA.
We also saw the 50 EMA pull further back from both the 100 and 200 EMAs, pressuring Bitcoin.
Through the 2nd half of the day, a further pullback of the 50 EMA from the 100 would bring $58,000 levels back into play.
Key through the late morning and early afternoon would be to break back through the major support levels and return to $63,500 levels to avoid an extended sell-off.