Bitcoin Price Prediction – A Break Through to $59,500 Needed to Bring $60,000 back into Play

·2-min read

Daily Video Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP

Bitcoin’s Morning Session

At the time of writing, Bitcoin, was up by 0.20% to $57,078.

A mixed start to the day saw Bitcoin rise to an early morning high $57,879 before sliding to a late morning low $56,712.

Bitcoin fell short of the first major resistance level at $58,794 while also steering clear of the first major support level at $55,519 through the morning.

The pullback did see Bitcoin fall back through the day’s $57,346 pivot, however.

For the Afternoon Ahead

Bitcoin would need to move back through the $57,346 pivot to bring the first major resistance level at $58,794 into play.

Support from the broader market would be needed for Bitcoin to break back through to $58,000 levels.

Barring an extended rally, the first major resistance level should limit the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $63,000 before any pullback. The second major resistance level sits at $60,621.

Failure to move back through the $57,346 pivot would bring the first major support level at $55,519 back into play.

Barring another extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$55,000 levels. The second major support level sits at $54,071.

Looking beyond the major support and resistance levels, we saw the 50 EMA flatten on the 200 EMA. The 100 EMA narrowed marginally on the 200, however, providing modest support.

A narrowing of the 100 on the 200 and bullish cross would support a return to $60,000 levels.

For the bulls, a breakout from $58,500 would be key, however, to avoid another sell-off, however.

This article was originally posted on FX Empire


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