Bitcoin Price Prediction – A Move Back Through to $62,500 Would Bring $65,000 Back into Play

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

At the time of writing, Bitcoin, BTC to USD, was up by 0.62% to $60,974.0.

A mixed start to the day saw Bitcoin fall to an early morning low $60,188.0 before making a move.

Steering clear of the first major support level at $57,988, Bitcoin rose to an early morning current day high $62,100.0.

Falling short of the first major resistance level at $62,826, however, Bitcoin fell back to sub-$60,500 levels before finding support.

The Rest of the Pack

It’s been a bullish morning, with the majors looking to follow on from Thursday’s rally

At the time of writing, Bitcoin Cash SV and Chainlink were up by 3.04% and by 3.42% to lead the way.

Crypto.com Coin (+1.66), Ethereum (+1.43%), Litecoin (+1.90%), and Polkadot (+2.16%) also found strong support.

Binance Coin (+0.98%), Cardano’s ADA (+0.71%), and Ripple’s XRP (+0.63%) trailed the front runners, however.

Through the early hours, the crypto total market cap fell to an early morning low $2,555bn before rising to a high $2,626bn. At the time of writing, the total market cap stood at $2,595bn.

Bitcoin’s dominance rose to an early morning high 44.57% before falling to a low 44,30%. At the time of writing, Bitcoin’s dominance stood at 44.30%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall back through the $60,216 pivot to take another run at the first major resistance level at $62,826.

Support from the broader market will be needed, however, for Bitcoin to breakout from Thursday’s high $62,444.0.

Barring an extended crypto rally, the first major resistance at $62,826 and resistance at $63,000 would likely cap any upside.

In the event of another extended rally through the afternoon, Bitcoin could test the second major resistance level at $65,054.

A fall back through the $60,216 pivot would bring the first major support level at $57,988 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$57,000 levels.

The second major support level sits at $55,378.

Looking beyond the support and resistance levels, we saw the 50 EMA narrow on the 100 and 200 EMAs this morning.

We also saw the 100 EMA narrow marginally on 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-$60,200 levels.

This article was originally posted on FX Empire

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