Bitcoin Price Prediction – Boom or Bust? Will U.S Inflation Spoil the Bitcoin Party?

This is the mid-session tech analysis for Bitcoin. 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 up by 3.20% to $49,135.

A mixed start to the day saw Bitcoin fall to an early morning low $47,500 before making a move. Steering clear of the first major support level at $46,397, Bitcoin rose to a late morning high $49,279. Falling short of the first major resistance level at $49,833, however, Bitcoin eased back to sub-$49,200 levels before finding support.

Key through the morning was a late move back through the day’s $48,621 pivot.

For the Afternoon Ahead

Bitcoin would need to avoid a fall back through the $48,621 pivot to bring the first major resistance level at $49,833 into play.

Support from the broader market would be needed for Bitcoin to break out from the morning high $49,279. Barring an extended rally, the first major resistance level and Thursday’s high $50,844 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 $52,057.

A fall back through the $48,621 pivot would bring the first major support level at $46,397 into play. Barring another extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$45,000 levels and the 38.2% FIB of $44,144. The second major support level at $45,185 should limit the downside.

Looking beyond the major support and resistance levels, we saw the 50 EMA narrow on the 100 and 200 EMAs. We also saw the 100 EMA narrow on the 200, delivering further support.

Through the afternoon, a further narrowing of the 50 from the 100 would bring $50,000 levels into play.

For the bulls, a avoiding a fall back through the pivot and a return to $50,000 would be needed to avoid another day in the red.

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