Bitcoin Price Prediction – Bulls Eye a Return to $65,000. Avoiding sub-$60,000 Key, However

Bitcoin Price Prediction – Bulls Eye a Return to $65,000. Avoiding sub-$60,000 Key, However

By FX Empire | FX Empire | 26 Oct 2021


It’s been a mixed morning for Bitcoin and the broader market. Avoiding sub-$60,000 would give the Bitcoin bulls a run at $65,000, however.   Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

 

After a mixed day for Bitcoin and the broader market on Sunday, it’s been a broadly bullish morning for the crypto market.

At the time of writing, Bitcoin, BTC to USD, was up by 3.27% to $62,836.0.

A mixed start to the day saw Bitcoin fall to an early morning low $60,632.0 before making a move.

Steering clear of the first major support level at $59,761, Bitcoin rose to a late morning intraday high $63,130.0.

Bitcoin broke through the first major resistance level at $61,704 and the second major resistance level at $62,562.

Falling short of the third major resistance level at $64,505, however, Bitcoin slipped back to sub-$63,000 levels.

 

 

The Rest of the Pack

Polkadot bucked the morning trend, falling by 0.45%.

For the rest of the majors, it’s been a bullish morning, however.

At the time of writing, Chainlink was up by 6.93% to lead the way.

Binance Coin (+1.80%), Cardano’s ADA (+1.41%), Crypto.com Coin (+2.96), Ethereum (+1.51%), and Litecoin (+2.91%) also found strong support.

Bitcoin Cash SV (+0.66%) and Ripple’s XRP (+0.59%) trailed the front runners, however.

Through the early hours, the crypto total market cap fell to an early morning low $2,541bn before rising to a high $2,618bn. At the time of writing, the total market cap stood at $2,616bn.

Bitcoin’s dominance fell to an early morning low 45,00% before rising to a late morning high 45.50%. At the time of writing, Bitcoin’s dominance stood at 45.47%.

 

For the Afternoon Ahead

Bitcoin would need to avoid a fall back through to sub-$62,000 levels to take another run at the third major resistance level at $64,505.

Support from the broader market will be needed, however, for Bitcoin to breakout from the morning high $63,160.0.

Barring an extended crypto rally, resistance at $63,500 would likely cap any upside.

In the event of another extended rally through the afternoon, Bitcoin could test resistance at $65,000 levels before any pullback. The third major resistance level sits at $64,505.

A fall back through the major resistance levels and the $60,619 pivot would bring the first major support level at $59,716 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$59,000 levels.

The second major support level sits at $58,676.

Looking beyond the support and resistance levels, we saw a bullish cross this morning. The 50 EMA broke through the 200 EMA and narrowed on the 100 EMA through the morning.

We also saw the 100 EMA pull away from the 200 EMA, delivering additional support.

Through the 2nd half of the day, a further narrowing of the 50 EMA on the 100 would bring $65,000 levels into play.

Key through the late morning and early afternoon, however, would be to avoid a fall back through to sub-$60,000 levels.

How do you rate this article?


53

0

FX Empire
FX Empire

Market News & Forecasts, Charts, Broker Reviews


FX Empire
FX Empire

Market Forecasts and Analyses

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.