Member-only story
Bitcoin Price Prediction — Bears Have the Upper Hand. Avoiding a return to less than $48,500 would help the recovery.
Bears gain control of Bitcoin (BTC) at the start of the week, with support levels in play. A return to $50,000 levels, on the other hand, would offer the bulls a peek at $53,000 levels.
This is Bitcoin’s mid-session technical analysis (BTC). We’ll be looking at the morning session’s moves as well as today’s support, resistance, pivot levels, and Fibonacci’s. In addition, throughout the second half of the day, we will look at the EMAs and critical levels.
Bitcoin’s Morning Session
Bitcoin was down 2.45 percent to $48,894 at the time of writing.
After a volatile start to the day, Bitcoin rose to an early morning high of $50,234 before reversing. Bitcoin fell to a late morning low of $48,320, falling short of the first significant resistance mark at $51,052. Bitcoin fell through the first key support level at $48,942 during the morning sell-off.
Bitcoin, however, found late support and temporarily broke back over the first major support level before dropping down to sub-$48,900 levels.
Throughout the morning, it was critical to avoid support levels below $48,000.
