Bitcoin Price Prediction – Bulls Need to Breakdown Resistance at $68,500 to Deliver $70,000

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

At the time of writing, Bitcoin, BTC to USD, was down by 0.08% to $67,474.0.

A mixed start to the day saw Bitcoin fall to an early morning low $67,120.0 before making a move.

Steering well clear of the first major support level at $64,647, Bitcoin rose to an early morning new ATH $68,444.0.

Falling short of the first major resistance level at $69,035, however, Bitcoin eased back to sub-$68,000 levels.

The Rest of the Pack

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

Cardano’s ADA and Litecoin were on the move, rallying by 7.75% and by 8.04% respectively.

Bitcoin Cash SV (+1.66%) and Chainlink (+0.01%) were also in positive territory at the time of writing.

It was a bearish morning for the rest of the majors, however, with Crypto.com Coin sliding by 10.37% to lead the way down.

Binance Coin (-1.54%), Polkadot (-2.44%), and Ripple’s XRP (-2.88%) also struggled.

Ethereum was down by a more modest 0.82%, however.

Through the early hours, the crypto total market cap rose from an early morning low $2,883bn to a late morning high $2,924bn. At the time of writing, the total market cap stood at $2,897bn.

Bitcoin’s dominance rose to an early morning high 44.32% before falling to a late morning low 43.94%. At the time of writing, Bitcoin’s dominance stood at 43.99.

For the Afternoon Ahead

Bitcoin would need to avoid to sub-$67,000 levels and the $66,156 pivot to bring the first major resistance level at $69,035 into play.

Support from the broader market will be needed, however, for Bitcoin to break out from the morning ATH $68,444.0.

Barring an extended crypto rally, the first major resistance level at $69,035 would likely cap any upside.

In the event of another extended rally through the afternoon, Bitcoin could test the second major resistance level at $70,544.

A fall back to sub-$67,000 levels and through the $66,156 pivot would bring the first major support level at $64,647 into play.

Barring an afternoon reversal, however, Bitcoin should avoid sub-$64,000 levels.

The second major support level sits at $61,768.

Looking beyond the support and resistance levels, we saw the 50 EMA pull away from the 100 and the 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 pull away of the 50 EMA from the 100 and 200 would bring $70,000 levels into play.

Key through the late morning and early afternoon, however, would be to break out from $68,500 levels.

A fall back to sub-$67,000 levels would bring support levels into play.