Bitcoin Price Prediction – Failure to Hit $48,500 Would Give the Bears Control
After a bullish Wednesday for Bitcoin and the broader market, it’s been a mixed morning.
At the time of writing, Bitcoin, BTC to USD, was down by 0.40% to $47,942.1.
A mixed start to the day saw Bitcoin fall to an early morning low $47,375.0 before making a move.
Steering clear of the first major support level at $47,093, Bitcoin rose to a mid-morning high $48,530.0.
Falling short of the first major resistance level at $48,813, however, Bitcoin eased back to sub-$48,000 levels.
The Rest of the Pack
It has been a mixed morning for the broader crypto market.
Through the morning, Chainlink was up by 1.80% to lead the way.
It’s been a bearish morning for the rest of the majors, however.
At the time of writing, Polkadot was down by 1.53% to lead the way down.
Through the early hours, the crypto total market cap fell to an early morning low $2,158bn before rising to a high $2,214bn. At the time of writing, the total market cap stood at $2,197bn.
Bitcoin’s dominance rose to an early morning high 41.33% before falling to a late morning low 41.10%. At the time of writing, Bitcoin’s dominance stood at 41.05%.
For the Afternoon Ahead
Bitcoin would need to avoid a fall back through the $47,768 pivot to bring the first major resistance level at $48,813 back into play.
Support from the broader market will be needed, however, for Bitcoin to breakout from the morning high $48,530.0.
Barring a broad-based crypto rally, the first major resistance level and resistance at $49,000 would likely pin Bitcoin back.
In the event of an extended rally through the afternoon, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $49,488.
A fall back through the $47,768 pivot would bring the first major support level at $47,093 into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$47,000. The second major support level sits at $46,048.
Looking beyond the support and resistance levels, we saw the 50 EMA narrow on the 100 and 200 EMAs through the late morning.
We also saw the 100 EMA flatten on the 200 EMA, failing to deliver a bullish cross.
Through the 2nd half of the day, a widening of the 50 EMA from the 100 and 200 EMAs would bring $49,000 levels.
A bullish cross of the 100 EMA through the 200 EMA, however, would bring $50,000 levels back into play.
Key through the late morning and early afternoon would be to avoid a fall back through the day’s $47,768 pivot.