Bitcoin Price Prediction — A Move Through to $41,500 Would Bring $45,000 into Play
After a mixed day for the crypto majors on Thursday, it has been a mixed morning for Bitcoin and the broader crypto market.
At the time of writing, Bitcoin, BTC to USD, was down by 0.71%to $40,597.0.
A mixed start to the day saw Bitcoin fall to an early morning low $39,900.0 before finding support.
Steering clear of the first major support level at $38,353, Bitcoin rose to a mid-morning current day high $41,222.0.
Falling short of the 38.2% FIB of $41,592 and the first major resistance level at $42,387, however, Bitcoin eased back to sub-$41,000 levels.
Key through the morning was avoiding a fall through the day’s $39,852 pivot.
The Rest of the Pack
It has been a mixed morning for the broader crypto market.
It’s been a bearish morning for the rest of the majors, however.
Through the early hours, the crypto total market rose to an early morning high $1,661bn before falling to a low $1,619bn. At the time of writing, the total market cap stood at $1,639bn.
Bitcoin’s dominance fell to an early low 46.12% before rising to a high 46.69%. At the time of writing, Bitcoin’s dominance stood at 46.54%.
For the Afternoon Ahead
Bitcoin would need to avoid the $39,852 pivot to bring the first major resistance level at $42,387 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from the 38.2% FIB of $41,592.
Barring an extended crypto rally through the afternoon, resistance at the 38.2% FIB would likely leave Bitcoin short of the major resistance levels.
In the event of a breakout, however, Bitcoin should target $45,000 levels before any pullback. The second major resistance level sits at $43,886.
A fall through the $39,853 pivot would bring the first major support level at $38,353 into play before any recovery.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$38,000 levels. The second major support level sits at $35,818.
Looking beyond the support and resistance levels, we saw the 50 EMA pull away from the 100 EMA and the 200 EMA this morning. We also saw the 100 EMA pull away from the 200 EMA. This delivered a partial recovery from heavier losses early on.
A continued widening of the 50 EMA from the 100 and the 200 EMAs this afternoon would bring the 38.2% FIB and resistance levels into play.
Key going into the afternoon, however, will be for Bitcoin to avoid the $39,852 pivot.