Bitcoin Price Prediction – Bears Eye a Return to sub-$30,000 as Support Levels Get Tested

After another mixed day for the crypto majors on Wednesday, it’s been another bearish morning for Bitcoin and the broader crypto market.

At the time of writing, Bitcoin, BTC to USD, was down by 4.79% to $33,382.4. A mixed start to the day saw Bitcoin rise to an early morning high $35,069.0 before hitting reverse.

Falling well short of the first major resistance level at $35,965, Bitcoin slid to a mid-morning intraday low $33,124.0.

The early sell-off saw Bitcoin fall through the first major support level at $34,294 and the second major support level at $33,526.

Key through the early hours was avoiding sub-$33,000 levels that would have brought the third major support level at $31,855 into play.

The Rest of the Pack

It’s been a mixed morning for the broader crypto market.

At the time of writing, Crypto.com Coin was up by 2.27% to buck the trend this morning.

It’s been a bearish morning for the rest of the majors, however.

Chainlink (-9.07%) and Ethereum (-7.69%) led the way down.

Binance Coin (-6.03%), Bitcoin Cash SV (-4.70%), Cardano’s ADA (-5.48%), Litecoin (-6.23%), and Ripple’s XRP (-6.79%) also saw deep red.

Polkadot saw a more modest 1.87% loss through the morning, however.

Through the early hours, the crypto total market rose to an early morning high $1,436bn before falling to a low $1,347bn. At the time of writing, the total market cap stood at $1,352bn.

Bitcoin’s dominance fell to an early low 45.78% before rising to a high 46.03%. At the time of writing, Bitcoin’s dominance stood at 45.95%.

For the Afternoon Ahead

Bitcoin would need to move through the $35,197 pivot to bring the first major resistance level at $35,965 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through the major support levels.

Barring a broad-based crypto rebound, resistance at $35,000 would likely leave Bitcoin short of the first major resistance level at $35,965.

In the event of an extended crypto rally, Bitcoin could test resistance at $37,000 levels. The second major resistance level sits at $36,868.

Failure to move back through major first and second major support levels would bring the third major support level at $31,855 into play.

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

Looking beyond the support and resistance levels, the 50 and the 100 EMAs have narrowed on the 200 EMA supporting the morning sell-off.

A further narrowing of the 50 EMA on the 100 EMA and the 100 EMA on the 200 EMA would bring sub-$33,000 support levels into play.

A bearish cross of the 50 through the 200 EMA would give the bears a look at sub-$30,000, however.

Key going into the afternoon will be to move back through to $35,000 levels to support a late recovery.