Bitcoin Price Prediction – Bears Eye sub-$55,000 as Bulls Fail to Revisit $60,000

It’s been a bearish morning session for Bitcoin after last week’s pullback.

At the time of writing, Bitcoin, BTC to USD, was down by 2.53% to $57,207.0.

A mixed start to the day saw Bitcoin rise to an early morning high $58,829.0 before hitting reverse.

Falling short of the first major resistance level at $59,626, Bitcoin slid to a mid-morning low $56,905.0.

The sell-off saw Bitcoin fall through the first major support level at $58,179 and the second major support level at $57,668.

Steering clear of the third major support level at $56,221, Bitcoin returned to $57,000 levels to limit the damage.

For the Afternoon Ahead

Bitcoin would need to move through the $59,115 pivot to bring the first major resistance level at $59,626 into play.

Support from the broader market would be needed for Bitcoin to break back through the second and first major support levels.

Barring an extended rally, the first major resistance level should limit the upside.

In the event of an extended crypto rally, Bitcoin could test the second major resistance level at $60,562.

Failure to move through the first major support level and second major support level would bring the third major support level at $56,221 back into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$56,000.

In the event of an extended sell-off, sub-$55,000 could come in to play.

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

We also saw the 100 EMA pullback from the 200, delivering further downside pressure.

A further pullback of the 50 EMA from the 100 would bring sub-$55,000 levels into play.

Key through the late morning and early afternoon would be to move back through the major support levels and the day’s pivot level to avoid a return to sub-$55,000…