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Bitcoin Price Prediction – Bulls Target $62,500 for a Breakout

Bob Mason
·3-min read

It’s been a mixed morning session for Bitcoin and the broader market.

At the time of writing, Bitcoin, BTC to USD, was up by 0.42% to $61,670.0.

A mixed start to the day saw Bitcoin fall to an early morning low $60,836.0 before making a move.

Steering clear of the first major support level at $60,388, Bitcoin rose to a mid-morning intraday high $62,600.0.

Falling short of the first major resistance level at $62,755, however, Bitcoin slid back sub-$61,500 levels before finding support.

The Rest of the Pack

It’s been a mixed morning for the rest of the majors.

Through the morning, Crypto.com Coin surged by 21.49% to lead the way, with Binance Coin rallying by 8.78%.

Bitcoin Cash SV (+1.36%), Cardano’s ADA (+0.14%), and Chainlink (+2.19%) also found support.

It was a bearish morning for the rest of the majors, however.

At the time of writing, Polkadot was down by 3.64% to lead the way down.

Ethereum (-0.71%), Litecoin (-1.22%), and Ripple’s XRP (-2.03%) also struggled, however.

Through the early hours, the crypto total market cap fell to an early morning low $2,665bn before rising to a late morning high $2,731bn. At the time of writing, the total market cap stood at $2,705bn.

Bitcoin’s dominance fell to an early morning low 42.98% before rising to a high 43.31%. At the time of writing, Bitcoin’s dominance stood at 42.99.

For the Afternoon Ahead

Bitcoin would need to move back through the $61,727 pivot to bring the first major resistance level at $62,755 into play.

Support from the broader market will be needed, however, for Bitcoin to break out from the morning high $62,600.0.

Barring an extended crypto rally, the first major resistance at $62,755 would likely cap any upside.

In the event of another extended rally through the afternoon, Bitcoin could test resistance at $65,000 before any pullback. The second major resistance level sits at $64,094.

Failure to move back through the $61,717 pivot would bring the first major support level at $60,388 back into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$59,000 levels.

The second major support level at $59,360 should limit the downside.

Looking beyond the support and resistance levels, we saw the 50 EMA converge on the 100 while narrow on the 200 EMA this morning. We also saw the 100 EMA narrow on the 200 EMA.

Through the 2nd half of the day, a narrowing of the 50 EMA on the 200 to bring sub-$60,000 levels into play.

Key through the late morning and early afternoon, however, would be to move back through to $62,500 levels to support a breakout.

This article was originally posted on FX Empire

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