Bitcoin Price Prediction – Bears Take Control as Bitcoin Fails to Return to $58,000 Levels

Bitcoin’s Morning Session

At the time of writing, Bitcoin, was down by 1.88% to $56,162.

A mixed start to the day saw Bitcoin rise to an early morning high $57,390 before sliding to a late morning low $55,842.

While falling short of the first major resistance level at $58,695, Bitcoin fell through the first major support level at $56,145 in the early hours.

Avoiding sub-$55,000 levels, however, Bitcoin found support to revisit $57,200 levels before falling back into the red.

For the Afternoon Ahead

Bitcoin would need to move through the $57,600 pivot to bring the first major resistance level at $58,695 into play.

Support from the broader market would be needed for Bitcoin to break back through to $58,500 levels. Barring an extended rally, the first major resistance level should limit the upside.

In the event of a broad-based crypto rally, Bitcoin could test the second major resistance level at $60,150. Bitcoin would need plenty of support, however, to breakout from Wednesday’s high $59,055.

Failure to move through the $57,600 pivot would bring the first major support level at $56,145 back into play. Barring another extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$55,000 levels. The second major support level at $55,050 should limit the downside.

Looking beyond the major support and resistance levels, we saw the 50 EMA narrow on the 200 EMA. The 100 EMA pulled away from the 200, however, adding further downward pressure.

Through the afternoon, a bearish cross of the 50 through the 200 and the 100 EMAs would bring sub-$56,000 support levels into play.

For the bulls, a move through the day’s pivot and a return to $58,500 levels would be key to avoid another sell-off.