Bitcoin Price Prediction – A Move Through to $58,500 Would Bring $60,000 into Play

Bitcoin’s Morning Session

At the time of writing, Bitcoin, was down by 0.26% to $57,688.

A mixed start to the day saw Bitcoin rise to an early morning high $58,006 before sliding to a late morning low $55,899.

While falling short of the first major resistance level at $58,897, Bitcoin fell through the first major support level at $56,773.

Steering clear of the second major support level at $55,707, however, Bitcoin returned to $57,000 levels to limit the downside.

For the Afternoon Ahead

Bitcoin would need to move back through the $57,831 pivot to bring the first major resistance level at $58,897 back into play.

Support from the broader market would be needed for Bitcoin to break out from $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 resistance at $60,000 before any pullback. The second major resistance level sits at $59,955.

Failure to move back through the $57,831 pivot would bring the first major support level at $56,773 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 $55,707 should limit the downside.

Looking beyond the major support and resistance levels, we saw the 50 EMA pull away from the 100 EMA in the late morning. We also saw the 50 converge on the 200 EMA, delivering further support.

A bullish cross of the 50 EMA through the 200 would support a return to $60,000 levels.

For the bulls, a breakout from $58,500 would be key, however, to avoid another sell-off.