Bitcoin Price Prediction – A Recovery from Early Losses Brings $31,500 into View

After a bearish start to the week, Bitcoin and the majors recovered from early losses to begin the recovery process.

At the time of writing, Bitcoin, BTC to USD, was up by 3.23% to $30,772.0. A mixed start to the day saw Bitcoin fall to an early morning low $29,523.0 before making a move.

Steering clear of the first major support level at $29,055, Bitcoin rallied to a late morning current day high $30,970.8.

Bitcoin broke through the first major resistance level at $30,821 before easing back to sub-$30,800 levels.

The Rest of the Pack

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

Through the morning, Cardano’s ADA was up by 6.82% to lead the way.

Binance Coin (+5.51%), Chainlink (+5.14%), Ethereum (+4.32%), and Litecoin (+4.18%) also found strong support.

Crypto.com Coin (+2.93%), Polkadot (+1.63%), and Ripple’s XRP (+2.96%) trailed the front runners, however.

Through the early hours, the crypto total market fell to an early morning low $1,180bn before rising to a high $1,248bn. At the time of writing, the total market cap stood at $1,237bn.

Bitcoin’s dominance rose to an early high 46.92% before falling to a low 46.52%. At the time of writing, Bitcoin’s dominance stood at 46.64%.

For the Afternoon Ahead

Bitcoin would need to break back through the first major resistance level at $30,821 to bring the second major resistance level at $31,833 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from $31,500 levels.

Barring an extended crypto rally, resistance at $31,500 would likely leave Bitcoin short of the second major resistance level.

In the event of an extended crypto rally, Bitcoin could test resistance at $32,000 levels. The third major resistance level sits at $33,599.

A fall back through the $30,067 pivot would bring the first major support level at $29,055 into play.

Barring another extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$29,000 support levels.

The second major support level sits at $28,301.

Looking beyond the support and resistance levels, we saw the 50 EMA narrow on the 100 and 200 EMAs through the mid-morning, supporting the Bitcoin rebound.

We also saw the 100 EMA flatten on the 200 EMA adding further support to Bitcoin and the crypto bulls.

A further narrowing of the 50 EMA on the 100 EMA and the 200 EMA this afternoon would bring $31,500 levels into play.

Key going into the afternoon will be for Bitcoin to break back through the first major resistance level at $30,821.

Following 2 days of heavy losses, Bitcoin would need to avoid a fall back through the day’s $30,067 pivot else face a sharp sell-off…