Bitcoin Price Prediction Comes To $ 48,500 Or Under $ 47,000 For Bulls

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After a particularly bearish Tuesday, the morning was mixed for Bitcoin and the broader crypto market.

At the time of writing, Bitcoin, BTC to USD, was down 0.41% to $ 47,524.0.

A mixed morning saw Bitcoin hit a mid-morning high of $ 48,600 before reversing.

Below the first major resistance level at $ 49,198, Bitcoin slipped to an intraday low of $ 47,143.0 late in the morning.

By avoiding the first major support level at $ 46,893, however, Bitcoin fell back to $ 47,500.

The rest of the pack

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

Binance Coin (+ 0.90%), Polkadot (+ 0.01%) and Ripples XRP (+ 0.06%) reversed the morning trend.

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

At the time of writing, Crypto.com Coin led the way, falling 3.14%, with Bitcoin Cash SV (-2.34%) and Cardanos ADA (-2.49%) also struggling.

Chainlink (-0.16%), Ethereum (-1.44%) and Litecoin (-0.80%) however recorded relatively modest losses.

In the early hours of the morning, the total crypto market peaked at $ 2,058 billion early in the morning before falling to a low of $ 1,980 billion. At the time of writing, the total market cap is $ 2.001 billion.

Bitcoin dominance fell to a low of 44.29% early in the morning before hitting a high of 44.78%. At the time of writing this article, Bitcoin dominance stands at 44.57%.

For the afternoon to come

Bitcoin is expected to return to a pivot of $ 48,376 to bring into play the first major resistance level at $ 49,198.

However, broad market support would be needed for Bitcoin to return to levels of $ 49,000.

Barring a prolonged crypto rally in the afternoon, the first major resistance level would likely cap any rise.

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 $ 50,681.

If you don’t get back to the pivot at $ 48,376, the first major support level at $ 46,893 would come into play.

The story continues

Unless there is an extended sell-off on that day, Bitcoin is expected to avoid levels below $ 46,000. The second major support level at $ 46,071 should limit the decline.

Beyond the support and resistance levels, we have seen the 50 EMA merge on the 100 and narrow on 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 100 would add further bearish pressure in the afternoon.

More importantly, a narrowing of the EMA 100 on the EMA 200 would put the support levels on the line.

Bitcoin is expected to return to levels of $ 48,500 to give the bulls a run to $ 50,000.

A return to less than $ 47,000 could give the bears the upper hand and deliver another day of extended losses.

This article originally appeared on FX Empire

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