Bitcoin Price Prediction – A Break Through to $35,500 Levels Would Bring $37,000 into View
After a bearish start to the week, the crypto majors found further support this morning.
At the time of writing, Bitcoin, BTC to USD, was up by 1.68% to $34,832. A mixed start to the day saw Bitcoin fall to an early morning low $33,989.0 before rising to a late morning high $34,929.0.
In spite of the early moves, Bitcoin came up short of the first major resistance level at $35,116.
Key through the early hours was a break back through $34,500 levels, however.
The Rest of the Pack
It’s been a mixed morning for the broader crypto market.
Through the morning, Crypto.com Coin was down by 0.92% to buck the trend early on.
It was a bullish start for the rest of the majors, however.
Through the early hours, the crypto total market fell to an early morning low $1,415bn before rising to a high $1,462bn. At the time of writing, the total market cap stood at $1,455bn.
Bitcoin’s dominance rose to an early high 45.00% before falling to a low 44.76%. At the time of writing, Bitcoin’s dominance stood at 44.86%.
For the Afternoon Ahead
Bitcoin would need to avoid a fall back through the $34,335 pivot to bring the first major resistance level at $35,116 back into play.
Support from the broader market would be needed, however, for Bitcoin to break back through to $35,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $35,196.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $37,000 levels. The second major resistance level sits at $35,976.
A fall back through the $34,335 pivot would bring the first major support level at $33,475 back into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$33,000 support levels. The second major support level sits at $32,694.
Looking beyond the support and resistance levels, we saw a bullish cross this morning. The 50 EMA crossed through the 200 EMA and then the 100 EMA.
A widening of the 50 EMA from the 100 and 200 EMAs this afternoon would provide further upside ahead.
A bearish cross of the 50 EMA back through the 100 EMA, however, would bring sub-$34,000 levels back into play.
Key going into the afternoon will be to break back through to $35,000 levels to avoid a reversal.