Bitcoin Price Prediction A Return To $ 47,500 Would Bring $ 49,000 In The Game

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After a mixed start to the week, the morning was bullish for Bitcoin and the broader crypto market.

At the time of writing, Bitcoin, BTC to USD, was up 2.19% to $ 46,941.0.

A choppy start to the day saw Bitcoin drop to an early morning low of $ 45,291.0 before taking a step.

Away from the first major support level at $ 45,061, Bitcoin hit a late morning high of $ 47,167.0.

However, below the first major resistance level at $ 47,441, Bitcoin fell back to levels below $ 47,000.

The rest of the pack

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

At the time of writing, Chainlink and Polkadot were up 7.56% and 76.05% to lead the way again.

Binance Coin (+ 4.45%), Ethereum (+ 4.23%), and Litecoin (+ 3.18%) also found strong support.

However, Bitcoin Cash SV (+ 2.52%), Cardanos ADA (+1.48%), Crypto.com Coin (+1.43%) and Ripples XRP (+ 2.58%) trailed the lead.

In the early hours of the morning, the total crypto market fell to a low of $ 1,908 billion early in the morning before hitting a high of $ 2,009 billion. At the time of writing, the total market cap is $ 2.005 billion.

Bitcoin dominance peaked at 44.65% early in the morning before dropping to 44.01%. At the time of writing this article, Bitcoin dominance stands at 44.01%.

For the afternoon to come

Bitcoin should avoid falling back into the $ 46,565 pivot to bring into play the first major resistance level at $ 47,441.

However, broad market support would be needed for Bitcoin to break out of the morning high of $ 47,167.0.

Barring a prolonged crypto rally in the afternoon, the first major resistance level and Monday’s $ 48,069 high would likely cap any rise

In the event of a prolonged rally, however, Bitcoin could aim for levels of $ 49,000 before any pullbacks. The second major resistance level is located at $ 48,945.

A pullback on the pivot of $ 46,565 would bring into play the first major support level at $ 45,061.

Unless there is an extended sale on that day, Bitcoin is expected to avoid levels below $ 45,000. The second major support level is at $ 44,185.

The story continues

Beyond the support and resistance levels, we saw the 50 EMA move away from the 100 and 200 EMA in the late morning. It was after an early morning shrinkage. We have also seen the 100 EMA move away from the 200 EMA. Mid-morning bullish signals supported the late morning rally.

A continued widening of the 50 EMA from the 100 and 200 EMAs this afternoon would bring in levels of $ 49,000.

Avoiding a pullback to $ 46,565 will be key in the early afternoon.

This article originally appeared on FX Empire

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