Bitcoin Price Prediction – Bears in Control, Eyeing sub-$47,000 Levels
After a bullish week for Bitcoin and the majors, it’s been a bearish Monday morning.
At the time of writing, Bitcoin, BTC to USD, was down by 1.53% to $47,504.0.
A mixed start to the day saw Bitcoin rise to an early morning high $48,289.0 before hitting reverse.
Falling short of the first major resistance level at $49,252, Bitcoin fell to an early morning low $47,287.0.
Steering clear of the first major support level at $47,176, Bitcoin moved back through to $47,500 levels to reduce the deficit.
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 4.49% to lead the way down.
Binance Coin (-2.94%), Cardano’s ADA (-3.53%), Litecoin (-3.06%), Polkadot (-2.85%), and Ripple’s XRP (-2.74%) also struggled.
Bitcoin Cash SV (-2.36%), Crypto.com Coin (-2.40%), and Ethereum (-2.58%) saw relatively modest losses, however.
Through the early hours, the crypto total market cap rose to an early morning high $2,158bn before falling to a low $2,099bn. At the time of writing, the total market cap stood at $2,117bn.
Bitcoin’s dominance fell to an early morning low 42.13% before rising to a high 42.45%. At the time of writing, Bitcoin’s dominance stood at 42.28%.
For the Afternoon Ahead
Bitcoin would need to move back through the $48,186 pivot to bring the first major resistance level at $49,252 into play.
Support from the broader market will be needed, however, for Bitcoin to break back through to $49,000 levels.
Barring a broad-based crypto rebound, the first major resistance level and Sunday high $49,196.0 would likely cap any upside.
In the event of an extended rally through the afternoon, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $50,262.
Failure to move back through the $48,186 pivot would bring the first major support level at $47,176 into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$46,000 support levels. The second major support level at $46,110 should limit the downside.
Looking beyond the support and resistance levels, we saw the 50 EMA narrow on the 100 and 200 EMAs through the morning.
We saw the 100 EMA pull away marginally from the 200 EMA, however, limiting the damage.
Through the 2nd half of the day, a further narrowing of the 50 EMA on the 100 would bring the first major support level back into play.
Key through the late morning and early afternoon, however, would be to move back through the $48,186 pivot to avoid sub-$47,000 support levels.
This article was originally posted on FX Empire
