Bitcoin Price Prediction – A Return to $40,000 Would Bring $45,000 into View

After Monday’s breakout session that fizzled out late in the day, Bitcoin and the broader market had a mixed session this morning.

At the time of writing, Bitcoin, BTC to USD, was up by 0.53%to $37,468.8.

A mixed start to the day saw Bitcoin rise to an early morning high $37,525.0 before hitting reverse

Falling well short of the first major resistance level at $40,166, Bitcoin fell back to an early morning low $36,418.0.

Steering clear of the first major support level at $34,804, however, Bitcoin found early support to return to $37,000 levels.

BTCUSD 270721 Hourly Chart

The Rest of the Pack

It has been another mixed morning for the broader crypto market.

At the time of writing, Crypto.com Coin was down by 2.09% to lead the way down.

Litecoin (-0.75%) and Polkadot (-1.16%) also bucked the trend early on.

It has been a bullish morning for the rest of the majors, however.

Through the morning, Chainlink was up by 3.00% to lead the way once more.

Binance Coin (+1.39%), Cardano’s ADA (+0.76%), Ethereum (+0.52%), and Ripple’s XRP (+1.34%) also found morning support.

Bitcoin Cash SV was flat for the morning, however.

Through the early hours, the crypto total market rose to an early morning high $1,465bn before falling to a low $1,417bn. At the time of writing, the total market cap stood at $1,464bn.

Bitcoin’s dominance fell to an early low 48.03% before rising to a high 48.43%. At the time of writing, Bitcoin’s dominance stood at 48.05%.

For the Afternoon Ahead

Bitcoin would need to move through the $37,699 pivot to bring the first major resistance level at $40,166 into play.

Support from the broader market would be needed for Bitcoin to break back through to $40,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Monday’s $40,595.0 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $45,000 before any pullback. The second major resistance level sits at $43,061. Bitcoin would need plenty of support, however, to breakout from the 38.2% FIB of $41,592.

Failure to move through the $37,699 pivot would bring the first major support level at $34,804 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$35,000 levels, however. The second major support level sits at $32,337.

Looking beyond the support and resistance levels, we saw the 50 EMA flatten on the 100 and 200 EMAs this morning. This led to the relatively range-bound session, with Bitcoin failing to break back through to $40,000 levels.

We saw the 100 EMA pull away from the 200 EMA, however, providing support to Bitcoin and the crypto bulls.

A further narrowing of the 50 on 100 and 200 EMAs this afternoon would bring sub-$36,000 levels into play.

Key going into the afternoon will be for Bitcoin to break through to $37,699 pivot to bring resistance levels into play.

Following late Monday’s reversal, Bitcoin would need to avoid sub-$35,000 levels else face a sharp pullback.