Bitcoin (BTC) Price Prediction – Bears Look to Break Support at $48,500…

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Bitcoin (BTC) Price Prediction – Bears Look to Break Support at $48,500…

A mixed start to the day saw Bitcoin rise to an early morning high $50,844 before hitting reverse. Falling short of the first major resistance level at $51,610, Bitcoin slid to a late morning low $48,937. Bitcoin fell through the first major support level at $49,061 before a partial recovery to $49,200 levels.

Key through the morning was avoiding sub-$48,500 levels.

For the Afternoon Ahead

Bitcoin would need to move back through the $50,168 pivot to bring the first major resistance level at $51,610 into play.

Support from the broader market would be needed for Bitcoin to break out from the morning high $50,844. Barring an extended rally, the first major resistance level and resistance at $52,000 should limit the upside.

In the event of a broad-based crypto rally, Bitcoin could test the 23.6% FIB of $53,628. The second major resistance level sits at $52,717.

Failure to move back through the $50,168 pivot would bring the first major support level at $49,061 back into play. Barring another extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$48,500 levels. The second major support level sits at $47,619.

Looking beyond the major support and resistance levels, we saw the 50 EMA pull back from the 100 and 200 EMAs. We also saw the 100 EMA pullback from the 200, adding further downward pressure.

Through the afternoon, a narrowing of the 50 on the 100 and a bullish cross would support a run at $53,000.

Key would be to move back through to $51,000 levels to avoid another day in the deep red.

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