Bitcoin Price Prediction – Failure to Return to $33,000 Levels Will Bring Support Levels into PlayIt’s yet another bearish start to the day for the crypto majors. A Bitcoin move back through to $33,000 would be needed to breakout from the current ranges and avoid a sell-off.
For the broader crypto market, the bearish week continued through Wednesday and into this morning.
Bitcoin also gave up modest gains from Wednesday, with indicators continuing to flash red…
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At the time of writing, Bitcoin, BTC to USD, was down by 1.22% to $32,422.0. A mixed start to the day saw Bitcoin rise to an early morning high $33,200.0 before hitting reverse.
Falling short of the first major resistance level at $33,438, Bitcoin slid to a late morning intraday low $32,325.3.
In spite of the reversal, Bitcoin managed to avoid the first major support level at $31,898 through the morning session.
The Rest of the Pack
It has been a mixed morning for the broader crypto market.
It’s been a bearish morning for the rest of the majors, however.
Through the early hours, the crypto total market rose to an early morning high $1,348bn before falling to a low $1,310bn. At the time of writing, the total market cap stood at $1,315bn.
Bitcoin’s dominance rose to an early high 46.38% before falling to a low 46.12%. At the time of writing, Bitcoin’s dominance stood at 46.23%.
For the Afternoon Ahead
Bitcoin would need to move back through the $32,513 pivot to bring the first major resistance level at $33,438 back into play.
Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $33,200.0.
Barring a broad-based crypto rebound, the first major resistance level and resistance at $33,500 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $34,000 levels. The second major resistance level sits at $34,053.
Failure to move back through the $32,513 pivot would bring the first major support level at $31,897 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 $30,973 should continue to limit the downside.
Looking beyond the support and resistance levels, we saw the 50 EMA narrow on the 100 and 200 EMAs before pulling back through the late morning.
We also saw the 100 EMA pullback from the 200 EMA supporting further losses this morning.
A further pullback of the 50 EMA from the 100 EMA and the 200 EMA this afternoon would bring the support levels back into play.
Key going into the afternoon will be for Bitcoin to move through the pivot to $32,513. A lack of support could bring the sub-$31,000 levels and the second major support level at $30,898 into play.