Bitcoin Price Prediction – Failure to Breakout from $58,500 Would Bring sub-$56,000 into Play

·3 min read

After a bullish day for Bitcoin and the broader market on Wednesday, it’s been a broadly bullish morning for the crypto market.

At the time of writing, Bitcoin, BTC to USD, was up by 0.74% to $57,790.0.

A mixed start to the day saw Bitcoin fall to an early morning low $57,153.0 before making a move.

Steering clear of the first major support level at $55,188, Bitcoin rose to a mid-morning high $58,488.0.

Falling short of the first major resistance level at $58,661, however, Bitcoin slipped back to sub-$58,000 levels.

The Rest of the Pack

It has been a mixed morning.

Polkadot bucked the morning trend, falling by 0.66%.

It’s been a bullish morning for the rest of the majors, however.

At the time of writing, Chainlink was up by 7.44% to lead the way.

Binance Coin (+2.06%), Crypto.com Coin (+2.41%), Ethereum (+3.54%), and Litecoin (+2.29%) also found strong support.

Bitcoin Cash SV (+1.74%), Cardano’s ADA (+0.15%), and Ripple’s XRP (+1.17%) trailed the front runners, however.

Through the early hours, the crypto total market cap fell to an early morning low $2,383bn before rising to a high $2,4335bn. At the time of writing, the total market cap stood at $2,427bn.

Bitcoin’s dominance rose to an early morning high 45.69% before falling to a low 44.82%. At the time of writing, Bitcoin’s dominance stood at 44.88%.

For the Afternoon Ahead

Bitcoin would need to avoid the $56,482 pivot to bring the first major resistance level at $58,661 back into play.

Support from the broader market will be needed, however, for Bitcoin to break out from the morning high $58,488.0.

Barring a broad-based crypto rally, the first major resistance level at $58,661 and resistance at $59,000 would likely cap any upside.

In the event of another extended rally through the afternoon, Bitcoin could test resistance at the $60,000 levels before any pullback. The second major resistance level sits at $59,955.

A fall through the $56,482 pivot would bring the first major support level at $55,188 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$53,000 support levels. The second major support level at $53,009 should limit the downside.

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

We also saw the 100 EMA pull away from the 200 EMA delivering further support.

Through the 2nd half of the day, a further widening of the 50 EMA from the 100 would bring $60,000 levels into play.

Key through the late morning and early afternoon, however, would be move back through to $58,000 levels to support a breakout.

This article was originally posted on FX Empire

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