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Bitcoin Price Prediction — Bears Seize Control as Bitcoin Fails to Recover to $58,000 Levels
Bitcoin has failed to re-enter the $58,000 range, leaving support levels in play. To escape a day in the negative, Bitcoin bulls will need to break back beyond $58,500.
Bitcoin’s Morning Session
Bitcoin was down 1.88 percent to $56,162 at the time of writing.
Bitcoin rose to an early morning high of $57,390 before falling to a late morning low of $55,842.
In the early hours, Bitcoin plummeted through the first major support level at $56,145, albeit falling short of the first major resistance level at $58,695.
However, after avoiding sub-$55,000 levels, Bitcoin regained support and returned to $57,200 levels before slipping back into the red.
For the Afternoon Ahead
Bitcoin would have to break past the $57,600 pivot to reach the first big resistance level at $58,695.
Support from the broader market would be required for Bitcoin to re-enter the $58,500 range. Unless there is a prolonged rally, the first significant resistance level should restrict the gains.
Bitcoin might hit the second big resistance level at $60,150 in the case of a broad-based crypto…
