Bitcoin Price Prediction – Failure to Revisit $48,500 Brings sub-$46,000 into Play

After a relatively bullish Wednesday, it’s been a particularly bearish morning for Bitcoin and the broader crypto market.

At the time of writing, Bitcoin, BTC to USD, was down by 4.45% to $46,813.0.

A mixed morning saw Bitcoin rise to an early morning high $49,385 before hitting reverse.

Falling short of the first major resistance level at $49,784, Bitcoin slid to a late morning current day low $46,622.0.

The sell-off saw Bitcoin fall through the first major support level at $47,672 before a partial recovery to $46,800 levels.

The Rest of the Pack

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

At the time of writing, Chainlink was down by 6.01% to lead the way down.

Binance Coin (-4.35%), Cardano’s ADA (-5.79%), Ethereum (-4.06%), Litecoin (-4.54%), and Ripple’s XRP (-5.03%) also struggled.

Bitcoin Cash SV (-3.16%), Crypto.com Coin (-3.26%), and Polkadot (-1.00%) saw relatively modest losses.

Through the early hours, the crypto total market rose to an early morning high $2,083bn before falling to a low $1,969bn. At the time of writing, the total market cap stood at $1,974bn.

Bitcoin’s dominance rose to an early morning high 44.72% before falling to a low 44.47%. At the time of writing, Bitcoin’s dominance stood at 44.53%.

For the Afternoon Ahead

Bitcoin would need to move back through the first major support level at $47,672 and the $48,464 pivot to bring the first major resistance level at $49,784 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $48,500 levels.

Barring an extended crypto rally through the afternoon, the first major resistance level and resistance at $50,000 would likely cap any upside.

In the event of an extended rally, however, Bitcoin could target the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $50,576.

Failure to move back through the first major support level at $47,672 would bring the second major support level at $46,352 back into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$46,000 levels. The third major support level sits at $44,240.

Looking beyond the support and resistance levels, we saw a bearish cross in the early hours. The 50 EMA crossed through the 100 and narrowed on the 200 EMA. The 100 also narrowed on the 200 EMA adding further pressure through the morning.

A bearish cross of the 50 EMA through the 200 would add further downside pressure in the afternoon.

Bitcoin would need to move back through to $48,500 levels to give the bulls a run at the resistance levels.

A fall back to sub-$46,500 would give the bears the upper hand once more and deliver heavier losses on the day.