Bitcoin Price Prediction – A Move Back Through to $33,500 Would Bring $35,000 Levels into Play

After a bearish Thursday for Bitcoin and the broader market, it has been a mixed morning session for the majors.

At the time of writing, Bitcoin, BTC to USD, was up by 0.07% to $32,879.0. A mixed start to the day saw Bitcoin fall to an early morning low $32,237.0 before making a move.

Steering clear of the first major support level at $31,967, Bitcoin rose to a mid-morning high $33,259.0

Falling well short of the first major resistance level at $33,843, however, Bitcoin slipped back to sub-$33,000 levels.

The Rest of the Pack

It has also been a mixed morning for the broader crypto market.

Through the morning, Crypto.com Coin was up by 3.38% to lead the way.

Cardano’s ADA (+0.12%) and Polkadot (+0.88%) also joined Bitcoin in positive territory.

It was a bearish morning for the rest of the majors, however.

Bitcoin Cash SV led the way down, sliding by 2.82%, with Chainlink (-1.87%), Litecoin (-1.20%), and Ripple’s XRP (-1.70%) also struggling.

Binance Coin (-0.33%) and Ethereum (-0.47%) saw relatively modest losses, however.

Through the early hours, the crypto total market fell to an early morning low $1,321bn before rising to a high $1,371bn. At the time of writing, the total market cap stood at $1,355bn.

Bitcoin’s dominance rose to an early high 45.91% before falling to a low 45.49%. At the time of writing, Bitcoin’s dominance stood at 45.56%.

For the Afternoon Ahead

Bitcoin would need to move back through the $32,953 pivot to bring the first major resistance level at $33,843 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $33,259.0.

Barring a broad-based crypto rebound, the first major resistance level and resistance at $34,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $35,000 levels. The second major resistance level sits at $34,829.

Failure to move back through the $32,953 pivot would bring the first major support level at $31,967 back into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$30,000 support levels.

The second major support level at $31,077 should limit the downside.

Looking beyond the support and resistance levels, we saw the 50 EMA continue to pullback from the 100 and 200 EMAs in the early hours.

The pullback supported the early lows. Through the late morning, however, the 50 EMA has held its ground suggesting an imminent move.

A further pullback of the 50 EMA from the 100 and 200 EMAs this afternoon would bring support levels back into play.

Key going into the afternoon will be for Bitcoin to break back through the pivot to $33,000 levels to avoid another day in the red.