Bitcoin Price Prediction – Bulls Buckled at $65,500 Resistance. A Break Back Through to $66,000 Would Give a Free Run at $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 1.79% to $63,630.0.
A mixed start to the day saw Bitcoin rise to an early morning high $65,421.0 before hitting reverse.
Falling short of the first major resistance level at $65,528, Bitcoin slid to a late morning low $63,536.0.
Bitcoin fell through the first major support level at $64,066 in the late morning reversal.
The Rest of the Pack
It’s also been a bearish morning for the rest of the majors.
Through the early hours, the crypto total market cap rose to an early morning high $2,831bn before falling to a late morning low $2,729bn. At the time of writing, the total market cap stood at $2,740bn.
Bitcoin’s dominance fell to an early morning low 43.51% before rising to a late morning high 43.92%. At the time of writing, Bitcoin’s dominance stood at 43.81%.
For the Afternoon Ahead
Bitcoin would need to move back through the first major support level at $64,066 and the $64,804 pivot to bring $65,000 levels back into play.
Barring an extended crypto rally, the first major resistance level at $65,528 and morning high $65,421.0 would likely cap any upside.
In the event of another extended rally through the afternoon, Bitcoin could test resistance at Wednesday’s ATH $68,958.0 before any pullback. The second major resistance level sits at $66,266 and the third major resistance level at $67,728.
Failure to move back through the first major support level at $64,066 would bring the second major support level at $63,342 back into play.
Barring an afternoon reversal, however, Bitcoin should avoid sub-$62,000 levels.
The third major support level sits at $61,880.
Looking beyond the support and resistance levels, we saw a bearish cross with the 50 EMA crossing through the 100 EMA this morning. We also saw the 100 EMA narrow on the 200 EMA, delivering further downside.
Through the 2nd half of the day, a bearish cross reversal of the 50 EMA back through the 100 would bring $68,000 levels into play. From there, momentum will dictate.
Key through the late morning and early afternoon would be to break back through to $64,804 pivot.
A fall through to sub-$63,500 levels would deliver a heavy loss on the day.