Bitcoin Price Prediction – Bulls Avoid sub-$43,000, Bringing $45,000 into Play

Following a broadly bullish session on Wednesday, it’s been a bearish morning for Bitcoin and the broader market.

At the time of writing, Bitcoin, BTC to USD, was down by 0.01% to $43,569.7.

A mixed start to the day saw Bitcoin fall to an early morning low $43,102.0 before finding support.

Steering clear of the 38.2% FIB of $41,592 and the first major support level at $41,450, Bitcoin rose to a mid-morning high $44,356.0.

In spite of the recovery, Bitcoin fell well short of the first major resistance level at $44,849, leading to a pullback to sub-$44,000 levels.

The Rest of the Pack

It has also been a bearish morning for the broader crypto market.

At the time of writing, Chainlink was down by 4.01% to lead the way down, with Cardano’s ADA down by 3.17%

Binance Coin (-2.22%), Bitcoin Cash SV (-2.81%), Litecoin (-2.28%), Polkadot (-2.12%), and Ripple’s XRP (-2.76%) also struggled.

Crypto.com Coin (-0.72%) and Ethereum (-0.48%) saw relatively modest losses, however.

Through the early hours, the crypto total market cap fell to an early morning low $1,954bn before rising to a high $2,018bn. At the time of writing, the total market cap stood at $1,972bn.

Bitcoin’s dominance fell to an early morning low 41.34% before rising to a high 41.66%. At the time of writing, Bitcoin’s dominance stood at 41.55%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall through the $42,725 pivot to bring the first major resistance level at $44,849 back into play.

Support from the broader market will be needed, however, for Bitcoin to break out from the morning high $44,356.0.

Barring a broad-based crypto rebound, the first major resistance level and resistance at $45,000 would likely cap any upside.

In the event of an extended rally through the afternoon, Bitcoin could test resistance at $48,000 before any pullback. The second major resistance level sits at $46,124.

A fall through the $42,725 pivot would bring the 38.2% FIB of $41,592 and the first major support level at $41,450 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$40,000 support levels. The second major support level sits at $39,326.

Looking beyond the support and resistance levels, we saw the 50 EMA narrow on the 100 and the 200 EMAs through the morning.

We also saw the 100 EMA hold steady on the 200 EMA, providing support.

Through the 2^nd half of the day, a further narrowing of the 50 EMA on the 100 and 200 EMAs would bring $45,000 levels into play.

Key through the late morning and early afternoon would be to avoid a fall through the day’s pivot to $42,725 to support Bitcoin and the broader market.