Bitcoin Price Prediction – Bulls Need to Return to $58,000 else Face more Losses

·2-min read

It’s been a mixed morning session for Bitcoin after Thursday’s sell-off.

At the time of writing, Bitcoin, BTC to USD, was up by 0.33% to $57,148.4.

A mixed start to the day saw Bitcoin rise to an early morning high $57,574.0 before hitting reverse.

Falling short of the first major resistance level at $59,754, Bitcoin fell to an early morning low $55,653.0.

Steering clear of the first major support level at $55,364, however, Bitcoin revisited $57,500 levels before easing back.

For the Afternoon Ahead

Bitcoin would need to move through the $58,154 pivot to bring the first major resistance level at $59,754 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 and should limit the upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $63,000 levels before any pullback. The second major resistance level sits at $62,544.

Failure to move through the day’s $58,154 pivot would bring the first major support level at $55,364 back into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should avoid the second major support level at $53,764 and the 23.6% FIB of $53,628.

Looking beyond the support and resistance levels, we saw the 50 EMA pull further back from the 100 and 200 EMAs this morning.

We also saw the 100 EMA pullback from the 200, delivering further downside pressure.

A flatting of both the 50 and 100 EMAs on the 200 through the early afternoon would be needed to provide some support.

Key through the late morning and early afternoon would be to move through the day’s pivot level to avoid a return to sub-$56,000…

This article was originally posted on FX Empire

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