Bitcoin Price Prediction A Return To $ 47,000 Would Bring $ 50,000 Back In The Game

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After a bearish week last week and a bearish start to the current week, Bitcoin and the crypto majors found much needed support this morning.

At the time of writing, Bitcoin, BTC to USD, was up 2.14% to $ 45,920.0.

A mixed start to the day saw Bitcoin drop to an early morning low of $ 44,699.0 before taking a step.

Away from the first major support level at $ 43,311, Bitcoin hit a high of $ 46,212.1 late in the morning.

However, below the first major resistance level at $ 46,741, Bitcoin returned to levels below $ 46,000.

The rest of the pack

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

At the time of writing, Crypto.com Coin and Polkadot were up 4.35% and 4.46% respectively to lead the way.

Binance Coin (+1.12%), Chainlink (+1.04%), Ethereum (+1.33%) and Ripples XRP (+1.18%) also found strong support.

However, Bitcoin Cash SV (+ 0.50%), Cardanos ADA (+ 0.11%), and Litecoin (+ 0.08%) followed the first.

In the early hours of the morning, the total crypto market cap fell to a low of $ 2,047 billion early in the morning before hitting a high of $ 2,109 billion. At the time of writing, the total market cap is $ 2.099 billion.

Bitcoin dominance fell to a low of 40.98% early in the morning before climbing back to a high of 41.29% by late morning. At the time of writing this article, Bitcoin dominance stands at 41.14%.

For the afternoon to come

Bitcoin should avoid a fall through the $ 45,093 pivot to bring into play the first major resistance level at $ 46,741.

However, broad market support will be needed for Bitcoin to break out of the morning high of $ 46,212.1.

Barring a large scale crypto rally, the first major resistance level and resistance at $ 47,000 would likely hold Bitcoin back.

In the event of a prolonged rally throughout the afternoon, Bitcoin could test resistance at $ 50,000 before any pullbacks. The second major resistance level is located at $ 48,523.

A pullback on the pivot of $ 45,093 would bring into play the first major support level at $ 43,311.

The story continues

Unless an extended afternoon sell-off, however, Bitcoin should avoid less than $ 41,000. The second major support level at $ 41,663 and the FIB at 38.2% of $ 41,592 should limit the decline.

Beyond the support and resistance levels, we saw the 50 EMA tighten over the 100 and 200 EMA until late morning.

We also saw the 100 EMA flatten over the 200 EMA providing additional support.

In the second half of the day, further narrowing the 50 EMA to the 100 and 200 EMA would bring levels below $ 47,000.

A bullish cross of the 50 EMAs to 100 and 200 EMAs would, however, bring $ 50,000 levels back into play.

The key in the late morning and early afternoon would be to avoid a drop during pivot days of $ 45,093.

This article originally appeared on FX Empire

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