After a bearish week, it’s been a mixed start to the week for Bitcoin and the broader crypto market.
At the time of writing, Bitcoin, BTC to USD, was down by 0.73% to $34,491.5. A mixed start to the day saw Bitcoin fall to an early morning current day low $34,300.0 making a move.
Steering clear of the sub-$34,000 levels and the first major support level at $32,942, Bitcoin rose to a late morning intraday high $35,319.0.
Falling short of the first major resistance level at $35,670, however, Bitcoin slipped back to sub-$35,000 and into the red.
The Rest of the Pack
It’s been a mixed morning for the broader crypto market.
Binance Coin (-0.20%), Cardano’s ADA (-0.74%), and Ripple’s XRP (-1.37%) joined Bitcoin in the red to buck the broader trend.
It’s been a bullish morning for the rest of the majors, however.
Bitcoin Cash SV and Crypto.com Coin were up by 3.69% and by 3.32% respectively to lead the way.
Through the early hours, the crypto total market fell to an early morning low $1,348bn before rising to a high $1,392bn. At the time of writing, the total market cap stood at $1,368bn.
Bitcoin’s dominance rose to an early high 47.77% before falling to a low 47.16%. At the time of writing, Bitcoin’s dominance stood at 47.22%.
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Bitcoin would need to avoid the $33,868 pivot to support another run at the first major resistance level at $35,670.
Support from the broader market would be needed, however, for Bitcoin to break out from $35,500 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $36,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $38,000 levels. The second major resistance level sits at $36,596.
A fall through the $33,868 pivot would bring the first major support level at $32,942 into play.
Barring crypto sell-off through the afternoon, however, Bitcoin should steer clear of sub-$32,000 support levels. The second major support level sits at $31,140.
Looking beyond the support and resistance levels, it has been an eventful morning. There was a bullish cross, with the 50 EMA crossing through the 100, supporting the mid-morning recovery.
The 50 failed to materially narrow on the 200 EMA, however, leading to the fall back into the red.
A further narrowing of the 50 EMA on the 200 EMA would bring $36,000 levels into play, however.
A bullish cross of the 50 through the 200 would bring $38,000 levels into play, with the Bitcoin bulls eyeing a return to $40,000 levels.
Key going into the afternoon will be avoid sub-$34,000 levels and the day’s pivot level at $33,868.
