Bitcoin Price Prediction – Having Hit $55,000, the Bitcoin Bulls Will be Eyeing $60,000…

After a mixed day for Bitcoin and the broader market on Wednesday, it’s been a testy morning…

At the time of writing, Bitcoin, BTC to USD, was down by 2.44% to $53,986.0.

A mixed start to the day saw Bitcoin rise to an early morning high $55,349.0 before hitting reverse.

Falling well short of the first major resistance level at $57,239, Bitcoin slid to a late morning low $53,838.

Avoiding the first major support level at $51,934, however, Bitcoin found support to return to $54,000 levels.

The Rest of the Pack

It has been a mixed morning.

Bitcoin Cash SV was up by 11.89% to lead the way, with Polkadot (+5.74%) finding much needed support.

Binance Coin (+1.41%), Cardano’s ADA (+3.79%), Chainlink (+0.04%), and Litecoin (+1.62%) also avoided the red.

It’s been a bearish morning for the rest of the crypto majors, however.

Crypto.com Coin (-0.91%), Ethereum (-0.77%), and Ripple’s XRP (-0.38%) joined Bitcoin in the red.

Through the early hours, the crypto total market cap fell to an early morning low $2,263bn before rising to a high $2,327bn. At the time of writing, the total market cap stood at $2,295bn.

Bitcoin’s dominance rose to an early morning high 45.23% before falling to a low 44.11%. At the time of writing, Bitcoin’s dominance stood at 44.31%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall back through the $53,839 pivot to bring the first major resistance level at $57,239 back into play.

Support from the broader market will be needed, however, for Bitcoin to break out from Wednesday’s high $55,743.0.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.

In the event of another extended rally through the afternoon, Bitcoin could test resistance at the $60,000 levels before any pullback. The second major resistance level sits at $59,144.

A fall back through the $53,839 pivot would bring the first major support level at $51,934 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$50,000 support levels and the second major support level at $48,534.

The 23.6% FIB of $50,473 should limit any downside.

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

We also saw the 100 EMA pull away from the 200 EMA limiting the morning losses.

Through the 2^nd half of the day, a further widening of the 50 EMA from the 100 would bring $57,000 levels and beyond into play.

Key through the late morning and early afternoon, however, would be to avoid a fall back through the $53,839 pivot.