Bitcoin Price Prediction – Failure to Revisit $39,000 Levels Would Bring Sub-$37,000 into Play

After a bullish day for the crypto majors on Wednesday, it has been a mixed morning for Bitcoin and the broader crypto market.

At the time of writing, Bitcoin, BTC to USD, was down by 4.24% to $38,059.0.

A mixed start to the day saw Bitcoin rise to an early morning high $39,844.0 before hitting reverse.

Falling short of the first major resistance level at $40,632, Bitcoin slid to a late morning current day low $37,839.0.

Bitcoin fell through the first major support level at $38,187 before a partial recovery to $38,000 levels.

The Rest of the Pack

It has been a mixed morning for the broader crypto market.

Polkadot bucked the trend through the morning, rising by 0.67%.

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

Chainlink was down by 3.86% to lead the way.

Bitcoin Cash SV (-3.18%), Crypto.com Coin (-2.66%), Ethereum (-3.40%), Litecoin (-2.93%), and Ripple’s XRP (-2.30%) also struggled.

Binance Coin (-2.06%) and Cardano’s ADA (-1.49%) saw relatively modest losses through the morning, however.

Through the early hours, the crypto total market rose to an early morning high $1,620bn before falling to a low $1,550bn. At the time of writing, the total market cap stood at $1,563bn.

Bitcoin’s dominance rose to an early high 46.28% before falling to a low 45.68%. At the time of writing, Bitcoin’s dominance stood at 45.67%.

For the Afternoon Ahead

Bitcoin would need to move back through the first major support level at $38,187 and the $39,076 pivot to bring the first major resistance level at $40,632 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $40,000 levels.

Barring an extended crypto rally through the afternoon, resistance at $40.00 would likely leave Bitcoin short of the major resistance levels.

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 $41,521.

Failure to move back through the first major support level at $38,187 would bring sub-$37,000 levels back into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$36,500 levels. The second major support level at $36,631 should limit the downside.

Looking beyond the support and resistance levels, we saw the 50 EMA pull  back from the 100 EMA and close on the 200 EMA this morning. We also saw the 100 EMA narrow on the 200 EMA. This supported the downside through the early morning.

A bearish cross of the 50 through the 200 EMA this afternoon would bring the sub-$37,000 support levels into play.

Key going into the afternoon would be for Bitcoin to move back through the first major support level and the $39,076 pivot.