Bitcoin Price Prediction – Bulls Eye $55,000…

After a bullish day for Bitcoin and the broader market on Tuesday, it’s been a testy morning…

At the time of writing, Bitcoin, BTC to USD, was down by 0.07% to $51,472.9.

A mixed start to the day saw Bitcoin rise to an early morning high $51,829.0 before hitting reverse.

Falling short of the first major resistance level at $52,598, Bitcoin slid to a late morning low $50,438.

Avoiding the first major support level at $49,741, Bitcoin found support at the 23.6% FIB of $50,473.

The Rest of the Pack

It has been a mixed morning.

Crypto.com Coin bucked the morning trend, rising by 0.80%.

The rest of the crypto majors have struggled, however.

Chainlink and Polkadot led the way down, sliding by 5.99% and by 5.39% respectively.

Binance Coin (-4.61%), Cardano’s ADA (-4.19%), Ethereum (-3.67%), Litecoin (-3.68%), and Ripple’s XRP (-4.56%) also struggled

Bitcoin Cash SV saw a more modest 2.35% loss, however.

Through the early hours, the crypto total market cap rose to an early morning high $2,237bn before falling to a low $2,151bn. At the time of writing, the total market cap stood at $2,187bn.

Bitcoin’s dominance fell to an early morning low 43.34% before rising to a high 44.37%. At the time of writing, Bitcoin’s dominance stood at 44.32%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall back through the $50,832 pivot to bring the first major resistance level at $52,598 back into play.

Support from the broader market will be needed, however, for Bitcoin to break back through to $52,000 levels.

Barring a broad-based crypto rally, the first major resistance level and resistance at $53,000 would likely cap any upside.

In the event of an extended rally through the afternoon, Bitcoin could test resistance at the $55,000 levels before any pullback. The second major resistance level sits at $53,689.

A fall through the $50,832 pivot would bring 23.6% FIB of $50,473 and the first major support level at $49,741 back into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$49,000 support levels. The second major support level sits at $47,975.

Looking beyond the support and resistance levels, we saw the 50 EMA pull away from the 100 and 200 EMAs through the morning.

We also saw the 100 EMA pull away from the 200 EMA providing further support.

Through the 2^nd half of the day, a further widening of the 50 EMA from the 100 would bring $55,000 levels into play.

Key through the late morning and early afternoon, however, would be to avoid the $50,832 pivot.