Bitcoin Price Prediction – Bears Take Control and Eye sub-$44,000…

·3 min read

After a bearish end to the week for Bitcoin and the broader market, it’s been a particularly bearish morning.

At the time of writing, Bitcoin, BTC to USD, was down by 5.09% to $44,833.0.

A choppy start to the day saw Bitcoin rise to an early morning high $47,327.0 before hitting reverse.

Falling short of the first major resistance level at $48,127, Bitcoin slid to a mid-morning intraday low $44,833.0.

The sell-off saw Bitcoin fall through the first major support level at $46,594 and the second major support level at $45,949.

While steering clear of the third major support level at $44,416, Bitcoin failed to move back through to $45,000 levels.

The Rest of the Pack

It has also been a bearish morning for the broader crypto market.

Through the morning, Ripple’s XRP led the way down, sliding by 8.29%, with Chainlink (-7.96%) and Coin (-7.10%) close behind.

Binance Coin (-6.54%), Cardano’s ADA (-6.79%), Ethereum (-5.77%), and Litecoin (-6.49%) also saw deep red.

Bitcoin Cash SV (-4.04%) and Polkadot (-5.00%) saw relatively modest losses through the morning.

Through the early hours, the crypto total market cap rose to an early morning high $2,126bn before falling to a low $1,971bn. At the time of writing, the total market cap stood at $1,994bn.

Bitcoin’s dominance fell to an early morning low 41.89% before rising to a late morning high 42.48%. At the time of writing, Bitcoin’s dominance stood at 42.25%.

For the Afternoon Ahead

Bitcoin would need to move through the $47,482 pivot to bring the first major resistance level at $48,127 into play.

Support from the broader market will be needed, however, for Bitcoin to break back through the major support levels.

Barring a broad-based crypto rebound, resistance at $47,500 would likely leave Bitcoin short of the first major resistance level.

In the event of an extended rally through the afternoon, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $49,015.

Failure to move back through second major support level at $45,949 would bring the third major support level at $44,416 back into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$43,500.

Looking beyond the support and resistance levels, we saw the 50 EMA cross through the 100 and 200 EMAs through the morning.

We also saw the 100 EMA narrow on the 200 EMA, delivering further bearish signals.

Through the 2nd half of the day, a bearish cross of the 100 EMA through the 200 EMA would bring sub-$44,000 levels into play.

Key through the late morning and early afternoon would be to move back through the day’s support levels to avoid further losses and risk sub-$40,000 near-term.

This article was originally posted on FX Empire


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