Bitcoin Price Prediction Bulls is targeting a return to $ 49,000. A return to $ 48,500 remains the key

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For the afternoon to come

Bitcoin should avoid a fall through the $ 47,611 pivot to bring into play the first major resistance level at $ 48,319.

However, broad market support would be needed for Bitcoin to return to levels of $ 48,000.

Barring a prolonged crypto rally in the afternoon, the first major resistance level and Monday’s $ 48,925 high 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 $ 49,633.

A pullback on the $ 47,611 pivot would bring the first major support level down to $ 46,297 in play.

Unless there is an extended sell-off on that day, Bitcoin is expected to avoid levels below $ 46,000. The second major support level is at $ 45,589.

Beyond the support and resistance levels, we saw an early morning bearish cross. The 50 EMA has crossed over the 200 EMA, the 100 EMA also narrowing on the 200 EMA. The decline was also marked by a sharp pullback of the 50 EMA from the 100 and 200 EMA after the bearish cross.

Late in the morning the 50 tightened up on the 100 and 200, providing support. The key, however, was for the 100 EMA to avoid a bearish cross through the 200 EMA.

A bearish cross of the 100 EMA to the 200 and a further pullback of the 50 from the 200 EMA would bring into play levels below $ 46,000.

The bulls will look for a return to the $ 48,500 levels in the second half of the day.

A return to less than $ 47,000, however, would put the bears the edge.

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