Bitcoin, BTC to USD, was down 1.15 percent to $59,656.0 at the time of writing.
Bitcoin had a positive start to the day, rising to reach a high of $60,945.0 in the early morning before reversing.
Bitcoin sank to a late morning low of $59,090.0, falling short of the first significant resistance mark at $61,347.
Bitcoin surged back through to $59,500 levels after avoiding the first major support level at $58,864.
For the afternoon, Bitcoin would have to break through the pivot at $59,857 to reach the first big resistance mark at $61,347.
For Bitcoin to return to $61,000 levels, it will require support from the rest of the market.
The first big barrier level and resistance at $61,500 should restrict the upside unless there is a protracted surge.
Before any drop, Bitcoin might attempt resistance near $63,000 levels in the case of a broad-based crypto resurgence. $62,340 is the second significant barrier level.
Failure to break over the day’s pivot point of $59,857 would reintroduce the first major support level of $58,864 into play.
However, unless there is a sustained sell-off into the afternoon, Bitcoin should stay above the $57,000 support level. The second key support level at $57,374 should keep the price from falling too much.
We watched the 50 EMA pull farther back from the 100 and 200 EMAs this morning, looking beyond the support and resistance levels.
The 100 EMA also pulled back from the 200, adding to the negative pressure.
To give some support, the 50 and 100 EMAs on the 200 would have to flatten out into the early afternoon.
To prevent relapse to sub-$59,000, it’s critical to pass through the day’s pivot level in the late morning and early afternoon