Bitcoin Price Prediction – Bulls Buckled at $65,500 Resistance. A Break Back Through to $66,000 Would Give a Free Run at $70,000

It’s been a bearish morning session for Bitcoin and the broader market.

At the time of writing, Bitcoin, BTC to USD, was down by 1.79% to $63,630.0.

A mixed start to the day saw Bitcoin rise to an early morning high $65,421.0 before hitting reverse.

Falling short of the first major resistance level at $65,528, Bitcoin slid to a late morning low $63,536.0.

Bitcoin fell through the first major support level at $64,066 in the late morning reversal.

The Rest of the Pack

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

Through the morning, Chainlink and Ripple’s XRP slid by 4.09% and by 4.05% to lead the way down.

Binance Coin (-2.52%), Bitcoin Cash SV (-2.76%), Cardano’s ADA (-3.10%), Ethereum (-2.23%), and Polkadot (-3.40%) also struggled.

Crypto.com Coin (-0.15%) and Litecoin (-0.04%) saw relatively modest losses, however.

Through the early hours, the crypto total market cap rose to an early morning high $2,831bn before falling to a late morning low $2,729bn. At the time of writing, the total market cap stood at $2,740bn.

Bitcoin’s dominance fell to an early morning low 43.51% before rising to a late morning high 43.92%. At the time of writing, Bitcoin’s dominance stood at 43.81%.

For the Afternoon Ahead

Bitcoin would need to move back through the first major support level at $64,066 and the $64,804 pivot to bring $65,000 levels back into play.

Barring an extended crypto rally, the first major resistance level at $65,528 and morning high $65,421.0 would likely cap any upside.

In the event of another extended rally through the afternoon, Bitcoin could test resistance at Wednesday’s ATH $68,958.0 before any pullback. The second major resistance level sits at $66,266 and the third major resistance level at $67,728.

Failure to move back through the first major support level at $64,066 would bring the second major support level at $63,342 back into play.

Barring an afternoon reversal, however, Bitcoin should avoid sub-$62,000 levels.

The third major support level sits at $61,880.

Looking beyond the support and resistance levels, we saw a bearish cross with the 50 EMA crossing through the 100 EMA this morning. We also saw the 100 EMA narrow on the 200 EMA, delivering further downside.

Through the 2^nd half of the day, a bearish cross reversal of the 50 EMA back through the 100 would bring $68,000 levels into play. From there, momentum will dictate.

Key through the late morning and early afternoon would be to break back through to $64,804 pivot.

A fall through to sub-$63,500 levels would deliver a heavy loss on the day.