Bitcoin Price Predictions Take Back Control, Seeing A Return To $ 53,000

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After a bullish Wednesday for Bitcoin and the broader market, it was a bullish morning for Bitcoin and the broader crypto market.

At the time of writing, Bitcoin, BTC to USD, was up 2.28% to $ 49,937.0.

A mixed morning saw Bitcoin fall to an early morning intraday low of $ 48,631.0 before taking a step.

Away from the first major support level at $ 47,229, Bitcoin hit an intraday high of $ 50,350.0 late in the morning.

Bitcoin broke through the first major resistance level at $ 49,778 to revisit $ 50,000 for the first time since August 23.

However, below the 23.6% FIB of $ 50,473, Bitcoin fell back to levels below $ 50,000.

The rest of the pack

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

As of this writing, Polkadot was down 4.00% to lead the way on the downside, with Ethereum (-2.11%) also reversing the morning trend.

It was a bullish day for the rest of the majors, however.

During the morning, Cardanos ADA and Crypto.com Coin led the way, rallying 6.06% and 5.46% respectively.

Litecoin (+ 3.02%) and Ripples XRP (+ 3.10%) also found strong support, while Binance Coin (+ 0.17%), Bitcoin Cash SV (+ 0.61%), and Chainlink (+ 0.04%) lagged behind.

In the early hours of the morning, the total crypto market cap fell to a low of $ 2.185 billion early in the morning before hitting a high of $ 2.234 billion. At the time of writing, the total market cap is $ 2.228 billion.

Bitcoin dominance fell to a low of 41.76% early in the morning before hitting a high of 42.39%. At the time of writing this article, Bitcoin dominance stands at 42.15%.

For the afternoon to come

Bitcoin should avoid falling back into the first major resistance level at $ 49,778 to bring into play the second major resistance level at $ 50,733.

However, broad market support would be needed for Bitcoin to cross the 23.6% FIB of $ 50,473.

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

In the event of a prolonged rally, however, Bitcoin could aim for $ 53,000 before any pullbacks. The third major resistance level is located at $ 53,282.

A fall through the first major resistance level and through the pivot at $ 48,184 would bring into play the first major support level at $ 47,229.

Unless there is an extended sell-off on that day, Bitcoin is expected to avoid levels below $ 47,000. The second major support level is at $ 45,635.

Beyond the support and resistance levels, we saw early morning bullish crosses. The 50 EMA went through the 200 EMA, the 100 EMA also crossed the 200 EMA. We also saw the 50 EMA move away from the 100 and 200 EMA until late morning.

Bulls will look for a further widening of the 50 from the 100 to support a 23.6% FIB breakout of $ 50,473.

A flattening of the 50 EMA over the 100 and 200 EMA, however, could bring Bitcoin below $ 49,000 before any recovery.

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