Bitcoin Price Prediction – A Return to sub-$32,000 Levels if $36,000 Elusive

After another bullish day for the majors on Thursday, it’s been yet another mixed start to the day for Bitcoin and the broader crypto market.

At the time of writing, Bitcoin, BTC to USD, was down by 4.48% to $33,113.6. A mixed start to the day saw Bitcoin rise to an early morning current day high $35,495.0 before hitting reverse.

Falling short of the first major resistance level at $35,856 Bitcoin slid to a midday intraday low $33,111.8.

Steering clear of the first major support level at $32,909, Bitcoin steadied to limit the morning loss.

The Rest of the Pack

It’s been a mixed morning for the broader crypto market.

Bitcoin Cash SV and Crypto.com Coin were up by 6.08% and by 1.73% respectively to buck the trend early on,

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

Ethereum was down by 7.16% to lead the way down, with Binance Coin (-6.61%) and Chainlink (-6.88%) also seeing deep red.

Cardano’s ADA (-3.96%), Litecoin (-3.92%), Polkadot (-2.79%), and Ripple’s XRP (-5.50%) weren’t far behind, however.

Through the early hours, the crypto total market rose to an early morning high $1,397bn before falling to a low $1,307bn. At the time of writing, the total market cap stood at $1,308bn.

Bitcoin’s dominance fell to an early low 47.10% before rising to a high 47.66%. At the time of writing, Bitcoin’s dominance stood at 47.52%.

For the Afternoon Ahead

Bitcoin would need to move back through the $34,099 pivot to support a run at the first major resistance level at $35,856.

Support from the broader market would be needed, however, for Bitcoin to break back through to $35,000 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $37,000 levels. The second major resistance level sits at $37,046.

Failure to move back through the $34,099 pivot would bring the first major support level at $32,909 back into play.

Barring crypto meltdown through the afternoon, however, Bitcoin should steer clear of sub-$30,000 support levels. The second major support level at $31,152 should limit the downside.

Looking beyond the support and resistance levels, it has been an eventful morning. There was a bullish cross, with the 50 EMA crossing through the 100 before a cross-reversal.

The 50 pulled back through the 100 EMA in the late morning, delivering the morning loss.

A further pullback of the 50 EMA from the 100 EMA would bring sub-$33,000 levels into play.

Another bullish cross, however, would spur a Bitcoin run at $36,000 levels to then eye resistance at $37,000.

Key going into the afternoon will be avoid the first major support level at $32,909.