After a bearish end to the day on Wednesday, the bears remained in control through this mornings session.<\/p>\n
At the time of writing, Bitcoin, BTC to USD, was down by 3.75% to $32,618.2. A mixed start to the day saw Bitcoin rise to an early morning high $33,939.0 before hitting reverse.<\/p>\n
Falling well short of the first major resistance level at $34,713, Bitcoin tumbled to a late morning intraday low $32,104.0.<\/p>\n
The extended sell-off saw Bitcoin fall through the first major support level at $33,437 and the second major support level at $32,986.<\/p>\n
Through the early hours, avoiding sub-$32,000 was key. The third major support level sits at $31,710.<\/p>\n
It has also been a bearish morning for the broader crypto market.<\/p>\n
Through the morning, Crypto.com Coin was down by 6.33% to lead the way down.<\/p>\n
Chainlink (-5.39%), Ethereum (-5.91%), Litecoin (-4.93%), Polkadot (-4.32%), and Ripples XRP (-4.55%) also saw heavy losses.<\/p>\n
Bitcoin Cash SV (-0.53%), Binance Coin (-3.57%), and Cardanos ADA (-2.46%) saw relatively modest losses, however.<\/p>\n
Through the early hours, the crypto total market fell from an early morning high $1,423bn to a low $1,347bn. At the time of writing, the total market cap stood at $1,363bn.<\/p>\n
Bitcoins dominance fell to an early low 44.65% before rising to a high 45.14%. At the time of writing, Bitcoins dominance stood at 44.93%.<\/p>\n
Bitcoin would need to move through the $34,262 pivot to bring the first major resistance level at $34,713 into play.<\/p>\n
Support from the broader market would be needed, however, for Bitcoin to break back through the major support levels.<\/p>\n
Barring a broad-based crypto rebound, resistance at $34,000 would likely leave Bitcoin short of the first major resistance level $34,713 and $35,000 levels.<\/p>\n
In the event of an extended crypto rally, Bitcoin could test resistance at $35,000 levels. The second major resistance level sits at $35,538.<\/p>\n
Failure to move back through the second major support level at $32,986 would bring the third major support level at $31,710 back into play.<\/p>\n
Story continues<\/p>\n
Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$32,000 support levels.<\/p>\n
Looking beyond the support and resistance levels, we saw a bearish cross this morning. The 50 EMA crossed through the 100 EMA and then the 200 EMA, supporting the early sell-off.<\/p>\n
We also saw the 100 EMA pullback through the 200 EMA.<\/p>\n
A further pullback of the 50 EMA from the 100 and 200 EMAs this afternoon would place Bitcoin under further pressure.<\/p>\n
Key going into the afternoon will be to break back through to $34,000 levels to avoid a bigger hit on the day.<\/p>\n
This article was originally posted on FX Empire<\/p>\n
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See original here: After a bearish end to the day on Wednesday, the bears remained in control through this mornings session. At the time of writing, Bitcoin, BTC to USD, was down by 3.75% to $32,618.2. A mixed start to the day saw Bitcoin rise to an early morning high $33,939.0 before hitting reverse Continue reading
\nBitcoin Price Prediction A Move Back Through to $34,000 Would Bring $35,000 into Play - Yahoo Finance<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"