Bitcoin Price Prediction – Avoiding a Return to sub-$64,500 Would Be Needed to Avoid the Deep Red

·3 min read

It’s been a mixed morning session for Bitcoin and the broader market.

At the time of writing, Bitcoin, BTC to USD, was up by 0.20% to $65,001.0.

A mixed start to the day saw Bitcoin fall to an early morning low $64,079.0 before making a move.

Steering clear of the first major support level at $62,172, Bitcoin rose to a late morning high $65,541.0.

Falling well short of the first major resistance level at $68,264, however, Bitcoin fell back to sub-$65,000 levels before finding support.

The Rest of the Pack

It’s also been a mixed morning for the rest of the majors.

Crypto.com Coin (-4.19%) and Bitcoin Cash SV (-0.60%) bucked the morning trend.

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

Through the morning, Chainlink and Polkadot led the way, with gains of 5.28% and 4.40% respectively.

Binance Coin (+2.13%), Litecoin (+2.39%), and Ripple’s XRP (+2.96%) also found strong support.

Cardano’s ADA (+0.79%) and Ethereum (+1.57%) trailed the front runners, however.

Through the early hours, the crypto total market cap fell to an early morning low $2,760bn before rising to a late morning high $2,839bn. At the time of writing, the total market cap stood at $2,800bn.

Bitcoin’s dominance rose to an early morning high 43.94% before falling to a late morning low 43.43%. At the time of writing, Bitcoin’s dominance stood at 43.81%.

For the Afternoon Ahead

Bitcoin would need to move through the $65,565 pivot to bring the first major resistance level at $68,264 into play.

Support from the broader market will be needed, however, for Bitcoin to break back through to $68,000 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s ATH $68,958.0 would likely cap any upside.

In the event of another extended rally through the afternoon, Bitcoin could test resistance at $70,000. The second major resistance level sits at $71,657.

Failure to move through the $65,565 pivot would bring the first major support level at $62,172 into play.

Barring an afternoon reversal, however, Bitcoin should avoid sub-$62,000 levels.

The second major support level sits at $59,473.

Looking beyond the support and resistance levels, we saw the 50 EMA narrow on the 100 and the 200 EMAs this morning. We saw the 100 EMA avoid a bearish cross through the 200 EMA, however, limiting the damage.

Through the 2nd half of the day, a pull away of the 50 EMA from the 100 and 200 would bring $70,000 levels into play.

Key through the late morning and early afternoon, however, would be to break back through to $68,000 levels.

A fall back to sub-$64,500 levels would deliver a heavy loss on the day.

This article was originally posted on FX Empire

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