Bitcoin Price Prediction – Bulls Stall at $61,000 Resistance, bringing sub-$58,000 back in Play

It’s been a choppy morning session for Bitcoin after a choppy Wednesday.

At the time of writing, Bitcoin, BTC to USD, was down by 1.15% to $59,656.0.

A bullish start to the day saw Bitcoin rise to an early morning high $60,945.0 before hitting reverse.

Falling short of the first major resistance level at $61,347, Bitcoin slid to a late morning low $59,090.0.

Steering clear of the first major support level at $58,864, however, Bitcoin broke back through to $59,500 levels.

For the Afternoon Ahead

Bitcoin would need to move back through the $59,857 pivot to bring the first major resistance level at $61,347 into play.

Support from the broader market would be needed for Bitcoin to break back through to $61,000 levels.

Barring an extended rally, the first major resistance level and resistance at $61,500 should limit the upside.

In the event of a broad-based crypto rebound, Bitcoin could test resistance at $63,000 levels before any pullback. The second major resistance level sits at $62,340.

Failure to move through the day’s $59,857 pivot would bring the first major support level at $58,864 back into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$57,000 support levels. The second major support level at $57,374 should limit the downside.

Looking beyond the support and resistance levels, we saw the 50 EMA pull further back from the 100 and 200 EMAs this morning.

We also saw the 100 EMA pullback from the 200, delivering further downside pressure.

A flatting of both the 50 and 100 EMAs on the 200 through the early afternoon would be needed to provide some support.

Key through the late morning and early afternoon would be to move through the day’s pivot level to avoid a return to sub-$59,000…