Bitcoin Price Prediction – Having Hit $55,000, the Bitcoin Bulls Will be Eyeing $60,000…

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Published: Oct 7, 2021, 11:05 UTC

It's been a choppy morning for the majors, with Bitcoin giving up $55,000 levels. An afternoon rebound would give the Bitcoin bulls a run at $60,000, however.

E-coins on tablet computer with charts on screen

The Rest of the Pack

It has been a mixed morning.

Bitcoin Cash SV was up by 11.89% to lead the way, with Polkadot (+5.74%) finding much needed support.

Binance Coin (+1.41%), Cardano’s ADA (+3.79%), Chainlink (+0.04%), and Litecoin (+1.62%) also avoided the red.

It’s been a bearish morning for the rest of the crypto majors, however.

Crypto.com Coin (-0.91%), Ethereum (-0.77%), and Ripple’s XRP (-0.38%) joined Bitcoin in the red.

Through the early hours, the crypto total market cap fell to an early morning low $2,263bn before rising to a high $2,327bn. At the time of writing, the total market cap stood at $2,295bn.

Bitcoin’s dominance rose to an early morning high 45.23% before falling to a low 44.11%. At the time of writing, Bitcoin’s dominance stood at 44.31%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall back through the $53,839 pivot to bring the first major resistance level at $57,239 back into play.

Support from the broader market will be needed, however, for Bitcoin to break out from Wednesday’s high $55,743.0.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.

In the event of another extended rally through the afternoon, Bitcoin could test resistance at the $60,000 levels before any pullback. The second major resistance level sits at $59,144.

A fall back through the $53,839 pivot would bring the first major support level at $51,934 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$50,000 support levels and the second major support level at $48,534.

The 23.6% FIB of $50,473 should limit any downside.

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

We also saw the 100 EMA pull away from the 200 EMA limiting the morning losses.

Through the 2^nd half of the day, a further widening of the 50 EMA from the 100 would bring $57,000 levels and beyond into play.

Key through the late morning and early afternoon, however, would be to avoid a fall back through the $53,839 pivot.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.