The Bitcoin Bulls Eye price forecast a return to $ 45,000. Avoiding less than $ 42,500 will be key

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After a bullish day for Bitcoin and the majors on Wednesday, it was a largely bullish Wednesday morning.

At the time of writing, Bitcoin, BTC to USD, was up 3.75% to $ 43,086.1.

A mixed start to the day saw Bitcoin drop to an early morning low of $ 41,432.0 before taking a step.

Away from the first major support level at $ 40,687, Bitcoin hit a mid-morning high of $ 43,860.

Bitcoin broke through the first major resistance level at $ 42,489 and FIB at 38.2% of $ 41,592.

The first rally saw Bitcoin also break through the second major resistance level at $ 43,449 before revising levels below $ 43,000.

The rest of the pack

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

As of this writing, Polkadot was down 1.61% to reverse the morning trend.

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

Chainlink (+ 3.92%), Ethereum (+ 3.81%) and Litecoin (+ 4.11%) set the tone for the morning.

Binance Coin (+ 1.39%), Bitcoin Cash SV (+ 2.04%), Cardanos ADA (+ 0.84%), Crypto.com Coin (+ 2.99%) and Ripples XRP (+1.07 %), however, lagged behind.

In the early hours of the morning, the total crypto market cap fell to a low of $ 1.854 billion early in the morning before hitting a high of $ 1.951 billion. At the time of writing, the total market capitalization was $ 1.912 billion.

Bitcoin dominance fell to a low of 42.00% early in the morning before hitting a high of 42.44%. At the time of writing this article, Bitcoin dominance stands at 42.39%.

For the afternoon to come

Bitcoin should avoid falling back into the first major resistance level at $ 42,489 to bring the $ 44,000 levels back into play.

However, broad market support will be needed for Bitcoin to break through the second major resistance level at $ 43,449.

Barring a widespread crypto rebound, the second major resistance level and the morning high of $ 43,860.0 would likely cap any rise.

In the event of a prolonged rally throughout the afternoon, Bitcoin could test resistance at $ 45,000 before any pullbacks. The third major resistance level is located at $ 45,251.

A fall through the first major resistance level and through the 38.2% FIB at $ 41,592 would bring into play the first major support level at $ 40,687.

Unless an extended afternoon sell-off, however, Bitcoin should avoid support levels below $ 40,000. The second major support level is at $ 39,845.

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

We also saw the EMA 100 shrink slightly compared to the EMA 200, providing additional support.

In the 2nd half of the day, a further narrowing of the 50 EMA on the 100 would bring the second major resistance level back into play.

The key in the early afternoon would be to avoid levels below $ 42,500 to support a bullish end of the day.

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