Bitcoin Price Prediction Bulls Avoid $ 43,000, Putting $ 45,000 at Stake

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After a largely bullish session on Wednesday, the morning was bearish for Bitcoin and the broader market.

At the time of writing, Bitcoin, BTC to USD, was down 0.01% to $ 43,569.7.

A mixed start to the day saw Bitcoin fall to an early morning low of $ 43,102.0 before finding support.

Away from FIB at 38.2% of $ 41,592 and the first major support level at $ 41,450, Bitcoin hit a high of $ 44,356.0 by mid-morning.

Despite the rally, Bitcoin fell well below the first major resistance level at $ 44,849, leading to a pullback to levels below $ 44,000.

The rest of the pack

It was also a bearish morning for the broader crypto market.

At the time of writing, Chainlink was down 4.01% to lead the way, with Cardanos ADA down 3.17%

Binance Coin (-2.22%), Bitcoin Cash SV (-2.81%), Litecoin (-2.28%), Polkadot (-2.12%) and Ripples XRP (-2.76%) also experienced difficulties.

Crypto.com Coin (-0.72%) and Ethereum (-0.48%), however, posted relatively modest losses.

In the early hours of the morning, the total crypto market cap fell to a low of $ 1954 billion early in the morning before hitting a high of $ 2.018 billion. At the time of writing, the total market capitalization was $ 1,972 billion.

Bitcoin dominance fell to a low of 41.34% early in the morning before hitting a high of 41.66%. At the time of writing this article, Bitcoin dominance stands at 41.55%.

For the afternoon to come

Bitcoin should avoid a fall in the pivot of $ 42,725 to bring into play the first major resistance level at $ 44,849.

However, broad market support will be needed for Bitcoin to break out of the morning high of $ 44,356.0.

Barring a widespread crypto rebound, the first major resistance level and resistance at $ 45,000 would likely cap any upside potential.

In the event of a prolonged rally throughout the afternoon, Bitcoin could test resistance at $ 48,000 before any pullbacks. The second major resistance level is located at $ 46,124.

A fall through the $ 42,725 pivot would put the 38.2% FIB at $ 41,592 and the first major support level at $ 41,450.

The story continues

Unless an extended afternoon sell-off, however, Bitcoin should avoid support levels below $ 40,000. The second major support level is at $ 39,326.

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 100 EMA remain stable over the 200 EMA, providing support.

In the second half of the day, a further narrowing of the 50 EMA to the 100 and 200 EMAs would bring in $ 45,000.

The key in the late morning and early afternoon would be to avoid a drop over the days to hit $ 42,725 to support Bitcoin and the broader market.

This article originally appeared on FX Empire

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