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Bitcoin Price Prediction – A Move Through to $65,000 Would Bring $68,000 into Play

Bob Mason
·3 min read

After a mixed day for Bitcoin and the broader market on Tuesday, it’s been another mixed morning for the crypto market.

At the time of writing, Bitcoin, BTC to USD, was down by 0.66% to $63,841.0.

A mixed start to the day saw Bitcoin rise to an early morning high $64,340.7 before hitting reverse.

Falling well short of the first major resistance level at $65,333, Bitcoin fell to a mid-morning low $63,535.0.

Steering clear of the first major support level at $62,280, Bitcoin broke back through to $64,200 levels before easing back.

The Rest of the Pack

It has been a mixed morning.

Binance Coin was down by 0.26% to lead the way down, with Ethereum (-0.18%) also joining Bitcoin in the red.

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

At the time of writing, Ripple’s XRP was up by 2.11% to lead the way, with Cardano’s ADA (+1.89%) also finding strong support.

Bitcoin Cash SV (+0.25%), Chainlink (+0.68%), Crypto.com Coin (+0.52%), Litecoin (+0.62%), and Polkadot (+0.81%) trailed the front runners, however.

Through the early hours, the crypto total market cap rose to an early morning high $2,559bn before falling to a low $2,530bn. At the time of writing, the total market cap stood at $2,553bn.

Bitcoin’s dominance rose to an early morning high 47.47% before falling to a low 47.20%. At the time of writing, Bitcoin’s dominance stood at 47.20%.

For the Afternoon Ahead

Bitcoin would need to avoid the $63,351 pivot to take a run at the first major resistance level at $65,333.

Support from the broader market will be needed, however, for Bitcoin to breakout from this morning’s high $64,340.7.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.

In the event of another extended rally through the afternoon, Bitcoin could test resistance at $68,000 levels before any pullback. The second major resistance level sits at $66,404.

Bitcoin would need plenty of support, however, to break out from its April all-time high $64,829.0.

A fall through the $63,351 pivot would bring the first major support level at $62,280 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$60,000 support levels. The second major support level sits at $60,298.

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

We also saw the 100 EMA pull away from the 200 EMA, delivering further support.

Through the 2nd half of the day, a widening of the 50 EMA from the 100 would bring $65,000 levels into play.

Key through the late morning and early afternoon, however, would be to avoid the $63,351 pivot.

This article was originally posted on FX Empire

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