Bitcoin Price Prediction – Avoiding a Return to sub-$40,000 Would Bring $41,500 into Play

·3 min read

After a bullish day for the crypto majors on Wednesday, it has been a mixed morning for Bitcoin and the broader crypto market this morning.

At the time of writing, Bitcoin, BTC to USD, was up by 0.21%to $40,100.0.

A mixed start to the day saw Bitcoin fall to an early morning low $39,272.0 before making a move.

Steering clear of the first major support level at $38,913, Bitcoin rose to a late morning current day high $40,623.0.

Bitcoin fell short of Wednesday’s high $40,900.0 and the first major resistance level at $41,010.

The Rest of the Pack

It has been yet another mixed morning for the broader crypto market.

At the time of writing, Ripple’s XRP was down by 3.47%, giving up some of Wednesday’s 13.8% rally.

Bitcoin Cash SV (-0.10%), Cardano’s ADA (-0.66%), Chainlink (-0.36%), Litecoin (-0.51%) also struggled.

It has been a relatively bullish morning for the rest of the majors, however.

Through the morning, Polkadot was up by 1.46% to lead the way, with Crypto.com Coin gaining 1.33%.

Binance Coin (+0.16%) and Ethereum (+0.48%) also found support.

Through the early hours, the crypto total market fell to an early morning low $1,507bn before rising to a high $1,552bn. At the time of writing, the total market cap stood at $1,538bn.

Bitcoin’s dominance fell to an early low 48.90% before rising to a high 49.15%. At the time of writing, Bitcoin’s dominance stood at 48.95%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall back through the $39,907 pivot to bring the first major resistance level at $41,010 back into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $40,623.0.

Barring an extended crypto rally through the afternoon, expect resistance at $40,500 to pin Bitcoin back.

In the event of a breakout, however, Bitcoin should target $42,500 levels before any pullback. The second major resistance level sits at $42,004. Bitcoin would need plenty of support, however, to breakout from the 38.2% FIB of $41,592.

A fall back through the $39,907 pivot would bring the first major support level at $38,913 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$38,000 levels, however. The second major support level sits at $37,810.

Looking beyond the support and resistance levels, we saw the 50 EMA hold its ground against the 100 and 200 EMAs this morning. This supported the modest upside through the morning.

A widening of the 50 from 100 and 200 EMAs this afternoon would bring the 38.2% FIB of $41,592 into play.

Key going into the afternoon will be for Bitcoin to avoid a fall back through the pivot to sub-$39,500 levels.

This article was originally posted on FX Empire

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