Bitcoin price Prediction – Bulls Struggle to Recapture $48,500 as the Bears Eye sub-$46,000
For the Afternoon Ahead
Bitcoin would need to move back through the $47,791 pivot to bring the first major resistance level at $48,521 back into play.
Support from the broader market will be needed, however, for Bitcoin to breakout from the morning high $48,183.0.
Barring a broad-based crypto rally, the first major resistance level and resistance at $49,000 would likely pin Bitcoin back.
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 $49,260.
Failure to move back through the $47,791 pivot would bring the first major support level at $47,052 into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$46,000. The second major support level at $46,322 should limit the downside.
Looking beyond the support and resistance levels, we saw the 50 EMA narrow on the 100 and 200 EMAs through the late morning.
We saw the 100 EMA widen from the 200 EMA, however, providing support.
Through the 2nd half of the day, a widening of the 50 EMA from the 100 and 200 EMAs would bring $50,000 levels.
Key through the late morning and early afternoon would be to move back through the day’s $47,791 pivot and revisit $48,500 levels.
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