Bitcoin Price Prediction A Move Back Through to $34,000 Would Bring $35,000 into Play – Yahoo Finance

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.

Falling well short of the first major resistance level at $34,713, Bitcoin tumbled to a late morning intraday low $32,104.0.

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.

Through the early hours, avoiding sub-$32,000 was key. The third major support level sits at $31,710.

It has also been a bearish morning for the broader crypto market.

Through the morning, Crypto.com Coin was down by 6.33% to lead the way down.

Chainlink (-5.39%), Ethereum (-5.91%), Litecoin (-4.93%), Polkadot (-4.32%), and Ripples XRP (-4.55%) also saw heavy losses.

Bitcoin Cash SV (-0.53%), Binance Coin (-3.57%), and Cardanos ADA (-2.46%) saw relatively modest losses, however.

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.

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%.

Bitcoin would need to move through the $34,262 pivot to bring the first major resistance level at $34,713 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through the major support levels.

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.

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.

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.

Story continues

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$32,000 support levels.

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.

We also saw the 100 EMA pullback through the 200 EMA.

A further pullback of the 50 EMA from the 100 and 200 EMAs this afternoon would place Bitcoin under further pressure.

Key going into the afternoon will be to break back through to $34,000 levels to avoid a bigger hit on the day.

This article was originally posted on FX Empire

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Bitcoin Price Prediction A Move Back Through to $34,000 Would Bring $35,000 into Play - Yahoo Finance