It's been a mixed start to the week after last week's losses. A Bitcoin break through to $35,500 levels would give the bulls the upper hand in the afternoon...
After a bearish week, it’s been a mixed start to the week for Bitcoin and the broader crypto market.
At the time of writing, Bitcoin, BTC to USD, was down by 0.73% to $34,491.5. A mixed start to the day saw Bitcoin fall to an early morning current day low $34,300.0 making a move.
Steering clear of the sub-$34,000 levels and the first major support level at $32,942, Bitcoin rose to a late morning intraday high $35,319.0.
Falling short of the first major resistance level at $35,670, however, Bitcoin slipped back to sub-$35,000 and into the red.
It’s been a mixed morning for the broader crypto market.
Binance Coin (-0.20%), Cardano’s ADA (-0.74%), and Ripple’s XRP (-1.37%) joined Bitcoin in the red to buck the broader trend.
It’s been a bullish morning for the rest of the majors, however.
Bitcoin Cash SV and Crypto.com Coin were up by 3.69% and by 3.32% respectively to lead the way.
Ethereum (+2.75) and Polkadot (+2.00%) also found solid support through the morning.
Chainlink (+0.42%) and Litecoin (+0.07%) trailed the front runners, however.
Through the early hours, the crypto total market fell to an early morning low $1,348bn before rising to a high $1,392bn. At the time of writing, the total market cap stood at $1,368bn.
Bitcoin’s dominance rose to an early high 47.77% before falling to a low 47.16%. At the time of writing, Bitcoin’s dominance stood at 47.22%.
Bitcoin would need to avoid the $33,868 pivot to support another run at the first major resistance level at $35,670.
Support from the broader market would be needed, however, for Bitcoin to break out from $35,500 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $36,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $38,000 levels. The second major resistance level sits at $36,596.
A fall through the $33,868 pivot would bring the first major support level at $32,942 into play.
Barring crypto sell-off through the afternoon, however, Bitcoin should steer clear of sub-$32,000 support levels. The second major support level sits at $31,140.
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, supporting the mid-morning recovery.
The 50 failed to materially narrow on the 200 EMA, however, leading to the fall back into the red.
A further narrowing of the 50 EMA on the 200 EMA would bring $36,000 levels into play, however.
A bullish cross of the 50 through the 200 would bring $38,000 levels into play, with the Bitcoin bulls eyeing a return to $40,000 levels.
Key going into the afternoon will be avoid sub-$34,000 levels and the day’s pivot level at $33,868.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.