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Bitcoin Price Prediction — Failure to Regain $51,000 Would Allow Sub-$48,500 to Enter Play
In the late morning, Bitcoin falls through crucial support levels. Failure to re-enter the $51,000 range would put the bulls in the red.
This is Bitcoin’s mid-session technical analysis. 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 3.47 percent at the time of writing, to $48,879.
After a volatile start to the day, Bitcoin rose to an early morning high of $50,844 before reversing. Bitcoin fell to a noon low of $48,726, falling short of the first significant resistance level at $51,704. Bitcoin fell through the first major support level at $49,829 and the second major support level at $49,025.
Avoiding sub-$48,500 levels, which would support a recovery to $49,000 levels, was critical throughout the morning.
For the Rest of the Afternoon
Bitcoin would have to break through the key support levels and the $50,900 pivot to reach the first big resistance level at $51,705.
