Bitcoin Price Prediction – Failure to Return to $45,500 Would Bring sub-$44,000 into Play

After a bearish Tuesday, it’s been a morning for Bitcoin and the broader crypto market.

At the time of writing, Bitcoin, BTC to USD, was up by 0.14% to $44,758.0.

Another choppy start to the day saw Bitcoin fall to an early morning low $44,266.0 before finding support.

Steering clear of the of the first major support level at $43,702, Bitcoin rose to a late morning current day high $45,581.0.

Falling short of the first major resistance level at $46,428, however, Bitcoin slipped back to sub-$45,000 levels.

The Rest of the Pack

It has been a mixed morning for the broader crypto market.

At the time of writing, Cardano’s ADA was up by 2.00% to lead the way. Ethereum (+0.03%) also joined Bitcoin to buck the broader market trend.

It was a bearish morning for the rest of the majors, however.

Crypto.com Coin led the way down, sliding by 5.35%, with Chainlink down by 3.14%.

Binance Coin (-1.91%), Bitcoin Cash SV (-1.13%), Litecoin (-0.72%), Polkadot (-0.29%, and Ripple’s XRP (-1.94%) saw relatively modest losses, however.

Through the early hours, the crypto total market fell to an early morning low $1,837bn before rising to a high $1,913bn. At the time of writing, the total market cap stood at $1,876bn.

Bitcoin’s dominance rose to an early morning high 45.25% before falling to a low 44.65%. At the time of writing, Bitcoin’s dominance stood at 44.86%.

For the Afternoon Ahead

Bitcoin would need to move back through the $45,434 pivot to bring the first major resistance level at $46,428 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $45,581.0.

Barring an extended crypto rally through the afternoon, resistance at $46,000 would likely leave Bitcoin short of the first major resistance level and Tuesday’s high $47,176.

In the event of an extended rally, however, Bitcoin could target $49,000 levels before any pullback. The second major resistance level sits at $48,160.

Failure to move back through the $45,434 pivot would bring the first major support level at $43,702 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$43,000 levels. The second major support level sits at $42,708.

Looking beyond the support and resistance levels, we saw the 50 EMA pull back from the 100 EMA and close in on the 200 EMA this morning. This was after a late bearish cross on Tuesday. We also saw the 100 EMA narrow marginally on the 200 EMA, adding further downward pressure on Bitcoin.

A further narrowing of the 50 EMA on the 200 EMA this afternoon would bring support levels into play.

Bitcoin would need to move back through to $45,500 levels to signal a breakout and a run at the elusive $50,000.