Bitcoin price prediction failure to review $ 48,500 puts less than $ 46,000 at stake

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After a relatively bullish Wednesday, the morning was particularly bearish for Bitcoin and the broader crypto market.

At the time of writing, Bitcoin, BTC to USD, was down 4.45% to $ 46,813.0.

A mixed morning saw Bitcoin hit an early morning high of $ 49,385 before reversing.

Below the first major resistance level at $ 49,784, Bitcoin slipped to a low of $ 46,622.0 late in the morning.

The sell-off saw Bitcoin pass the first major support level at $ 47,672 before a partial rally to $ 46,800.

The rest of the pack

It has been a bearish morning for the broader crypto market.

At the time of writing, Chainlink was down 6.01% to lead the way.

Binance Coin (-4.35%), Cardanos ADA (-5.75%), Ethereum (-4.06%), Litecoin (-4.54%) and Ripples XRP (-5.03%) also experienced difficulties.

Bitcoin Cash SV (-3.16%), Crypto.com Coin (-3.26%) and Polkadot (-1.00%) posted relatively modest losses.

In the early hours of the morning, the total crypto market peaked at $ 2,083 billion early in the morning before falling to a low of $ 1,969 billion. At the time of writing, the total market capitalization was $ 1.974 billion.

Bitcoin dominance peaked at 44.72% early in the morning before falling to a low of 44.47%. At the time of writing this article, Bitcoin dominance stands at 44.53%.

For the afternoon to come

Bitcoin is expected to come back through the first major support level at $ 47,672 and the pivot at $ 48,464 to bring into play the first major resistance level at $ 49,784.

However, broad market support would be needed for Bitcoin to return to levels of $ 48,500.

Barring a prolonged crypto rally throughout the afternoon, the first major resistance level and resistance at $ 50,000 would likely cap any upside potential.

In the event of a prolonged rally, however, Bitcoin could target the 23.6% FIB of $ 50,473 before any pullbacks. The second major resistance level is located at $ 50,576.

Failure to return to the first major support level at $ 47,672 would bring the second major support level down to $ 46,352 in-game.

The story continues

Unless there is an extended sell-off on that day, Bitcoin is expected to avoid levels below $ 46,000. The third major support level is at $ 44,240.

Beyond the support and resistance levels, we saw an early morning bearish cross. The 50 EMA crossed over the 100 and narrowed to the 200 EMA. The 100 also narrowed on the 200 EMA, adding extra pressure throughout the morning.

A bearish cross of the 50 EMA at the 200 would add further bearish pressure in the afternoon.

Bitcoin is expected to return to levels of $ 48,500 to give the bulls a run at resistance levels.

A return to less than $ 46,500 would give the bears the upper hand once again and result in heavier losses on the day.

This article originally appeared on FX Empire

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