Bitcoin Price Prediction – A Breakthrough $63,500 Resistance Would Bring $68,000 Levels into Play

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

At the time of writing, Bitcoin, BTC to USD, was up by 0.15% to $63,341.8.

A mixed start to the day saw Bitcoin rise to an early morning high $63,565.0 before hitting reverse.

Falling well short of the first major resistance level at $64,806, Bitcoin fell to a mid-morning low $62,789.0.

Steering clear of the first major support level at $61,176, however, Bitcoin bounced back to $63,000 levels.

The Rest of the Pack

It’s been a mixed morning for the rest of the majors.

Binance Coin (-0.07%), Chainlink (-0.11%), and Polkadot (-0.49%) bucked the broader market trend through the morning.

It has been a bullish morning for the rest of the majors, however.

At the time of writing, Cardano’s ADA and Ripple’s XRP led the way, with gains of 6.29% and 6.32% respectively.

Crypto.com Coin (+3.07%) and Litecoin (+3.52%) also found strong support.

Bitcoin Cash SV (+1.93%) and  Ethereum (+0.20%) trailed the front runners, however.

Through the early hours, the crypto total market cap fell to a mid-morning low $2,710bn before rising to a high $2,750bn. At the time of writing, the total market cap stood at $2,746bn.

Bitcoin’s dominance rose to an early morning high 43.74% before falling to a low 43.47%. At the time of writing, Bitcoin’s dominance stood at 43.51%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall through the $62,734 pivot to bring the first major resistance level at $64,806 and $65,000 levels into play.

Support from the broader market will be needed, however, for Bitcoin to breakout from the morning high $63,565.0.

Barring an extended crypto rally, the first major resistance and resistance at $65,000 would likely cap any upside.

In the event of another extended rally through the afternoon, Bitcoin could test resistance at $68,000 before any pullback. The second major resistance level sits at $66,364.

A fall through the $62,734 pivot would bring the first major support level at $61,176 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$60,000 levels.

The second major support level sits at $59,104.

Looking beyond the support and resistance levels, we saw the 50 EMA pull away from the 100 and 200 EMAs this morning. We also saw the 100 EMA pull away from the 200 EMA.

Through the 2^nd half of the day, a further widening of the 50 EMA from the 100 and 200 would bring $68,000 levels into play.

Key through the late morning and early afternoon, however, would be to avoid the $62,734 pivot.