Bitcoin Price Prediction – Failure to Return to $38,500 Would Bring sub-$37,000 into PlayIt’s been a mixed morning for Bitcoin and the broader crypto market. A Bitcoin move back through to $38,500 would be needed to avoid a sell-off.
After a mixed day for the crypto majors on Tuesday, it has been a mixed morning for Bitcoin and the broader crypto market.
At the time of writing, Bitcoin, BTC to USD, was up by 0.22%to $38,300.2.
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A mixed start to the day saw Bitcoin rise to an early morning high $38,579.0 before hitting reverse.
Falling short of the first major resistance level at $39,444, Bitcoin slid to a late morning current day low $37,519.8.
Steering clear of the first major support level at $37,326, Bitcoin found support to return to $38,300 levels.
The Rest of the Pack
It has been a mixed morning for the broader crypto market.
It was a relatively bullish morning for the rest of the crypto majors, however.
At the time of writing, Crypto.com Coin was up by 1.53% to lead the way.
Through the early hours, the crypto total market rose to an early morning high $1,556bn before falling to a low $1,517bn. At the time of writing, the total market cap stood at $1,549bn.
Bitcoin’s dominance rose to an early high 46.59% before falling to a low 46.35%. At the time of writing, Bitcoin’s dominance stood at 46.45%.
For the Afternoon Ahead
Bitcoin would need to move back through the $38,554 pivot to bring the first major resistance level at $39,444 into play.
Support from the broader market would be needed, however, for Bitcoin to break back through to $39,000 levels.
Barring an extended crypto rally through the afternoon, the first major resistance level and Tuesday’s high $39,781 would likely limit any upside.
In the event of a breakout, however, Bitcoin should target the 38.2% FIB of $41,592 before any pullback. The second major resistance level sits at $40,672.
Failure to move back through the $38,554 pivot would bring the first major support level at $37,326 back into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$37,000 levels. The second major support level sits at $36,436.
Looking beyond the support and resistance levels, we saw a bearish cross with the 50 EMA crossing through the 200 EMA this morning. We also saw the 50 EMA pull further back from the 100 EMA. This supported the downside through the early morning.
A further pullback of the 50 from the 200 EMA this afternoon would bring the first major support level back into play.
Sub-$37,000 levels would come into play should the 100 EMA cross through the 200 EMA later in the day.
Key going into the afternoon will be for Bitcoin to move back through the $38,554 pivot.