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Bitcoin Price Prediction – Bears Eye a Return to sub-$40,000

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·3 min read
In this article:
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After a bearish day for Bitcoin and the majors on Tuesday, it’s been a broadly bullish Wednesday morning.

At the time of writing, Bitcoin, BTC to USD, was down by 0.29% to $42,059.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $42,777.0 before hitting reverse.

Falling well short of the first major resistance level at $43,646, Bitcoin slid to a late morning intraday low $41,548.

While steering clear of the first major support level at $41,425, Bitcoin tested support at the 38.2% FIB of $41,592.

The Rest of the Pack

It has been a mixed morning for the broader crypto market.

At the time of writing, Crypto.com Coin was down by 4.03% to lead the way down, with Cardano’s ADA (-0.02%) also joining Bitcoin in the red.

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

Chainlink and Bitcoin Cash SV were up by 2.63 and by 2.11% respectively to lead the way.

Binance Coin (+1.48%), Litecoin (+1.47%), and Ripple’s XRP (1.70%) also found strong support.

Ethereum (+0.03%) and Polkadot (+0.82%) trailed the front runners, however.

Through the early hours, the crypto total market cap rose to an early morning high $1,916bn before falling to a low $1,865bn. At the time of writing, the total market cap stood at $1,891bn.

Bitcoin’s dominance rose to an early morning high 42.12% before falling to a low 41.83%. At the time of writing, Bitcoin’s dominance stood at 41.86%.

For the Afternoon Ahead

Bitcoin would need to move through the $42,891 pivot to bring the first major resistance level at $43,646 into play.

Support from the broader market will be needed, however, for Bitcoin to break out from the morning high $42,777.0.

Barring a broad-based crypto rebound, the first major resistance level and resistance at $44,000 would likely cap any upside.

In the event of an extended rally through the afternoon, Bitcoin could test resistance at $45,000 before any pullback. The second major resistance level sits at $45,112.

Failure to move through the $42,891 pivot would bring the 38.2% FIB of $41,592 and the first major support level at $41,425 back into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$40,000 support levels. The second major support level at $40,670 should limit the downside.

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

We also saw the 100 EMA pull back from the 200 EMA, adding further pressure.

Through the 2nd half of the day, a further pullback of the 50 EMA from the 100 would bring support levels into back play.

Key through the late morning and early afternoon would be to avoid sub-$41,000 levels to support a recovery later in the day.

This article was originally posted on FX Empire

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