Bitcoin Price Prediction – A Move Back Through to $33,000 Levels to Avoid Another Loss

It’s been a bearish week thus far, with Bitcoin and the broader market struggling to find support early on.

At the time of writing, Bitcoin, BTC to USD, was down by 0.59% to $32,537.0. A mixed start to the day saw Bitcoin rise to an early morning high $32,813.0 before hitting reverse.

Falling short of the first major resistance level at $33,315, Bitcoin slid to a late morning intraday low $31,588.0.

The reversal saw Bitcoin fall through the first major support level at $32,168 and the second major support level at $31,605.

Avoiding sub-$31,000 levels, however, Bitcoin broke back through the major support levels ahead of the afternoon session.

The Rest of the Pack

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

Through the morning, Ethereum found much-needed support, rising by 0.28%.

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

Bitcoin Cash SV (-3.65%), Crypto.com Coin (-3.80%), and Polkadot (-3.42%) led the way down through the morning.

Binance Coin (-1.52%), Cardano’s ADA (-1.63%), Chainlink (-1.16%), and Litecoin (-2.56%), and Ripple’s XRP (-1.83%) also struggled, however.

Through the early hours, the crypto total market rose to an early morning high $1,324bn before falling to a low $1,273bn. At the time of writing, the total market cap stood at $1,315bn.

Bitcoin’s dominance rose to an early high 46.85% before falling to a low 46.38%. At the time of writing, Bitcoin’s dominance stood at 46.39%.

For the Afternoon Ahead

Bitcoin would need to move back through the $32,752 pivot to bring the first major resistance level at $33,315 into play.

Support from the broader market would be needed, however, for Bitcoin to move back through to $33,000 levels.

Barring a broad-based crypto rebound, the first major resistance level and Tuesday’s high $33,337.0 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 $33,899.

Failure to move back through the $32,752 pivot would bring the first major support level at $32,168 back into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$31,000 support levels.

The second major support level at $31,605 should continue to limit the downside.

Looking beyond the support and resistance levels, we saw the 50 EMA pull further back from the 100 and 200 EMAs through the morning.

We also saw the 100 EMA pullback from the 200 EMA supporting further losses this morning.

A continued 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 $32,752 to avoid another day in the red.

Through the late morning, we have seen the 50 and the 100 EMA begin to flatten. A narrowing on the 200 would support a broad-based crypto rebound.