Bitcoin Price Prediction A Rise To $ 32,800 Would Bring 34,000 Levels In The Game

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After Wednesday’s widespread crypto rebound, the start of the day was choppy for Bitcoin and the broader market.

At the time of writing, Bitcoin, BTC to USD, was down 0.97% to $ 31,841.0. A mixed start to the day saw Bitcoin hit an early morning high of $ 31,382.0 before reversing.

Well below the first major resistance level at $ 33,495, Bitcoin fell to a low of $ 31,794.0 late in the morning.

Despite the pullback, Bitcoin moved far away from the first major support level at $ 30,168 early on.

The rest of the pack

The morning was also mixed for the broader crypto market.

During the morning, Bitcoin Cash SV rose 7.56% to lead the way.

Crypto.com Coin (+ 1.66%) and Ripples XRP (+ 0.11%) also reversed the trend early on.

It was a bearish start for the rest of the majors, however.

Ethereum (-1.09%) and Litecoin (-0.93%) led the way throughout the morning.

Binance Coin (-0.57%), Cardanos ADA (-0.41%), Chainlink (-0.53%) and Polkadot (-0.24%) also joined Bitcoin in the red.

In the early hours of the morning, the total crypto market peaked at $ 1.312 billion early in the morning before falling to a low of $ 1.282 billion. At the time of writing, the total market capitalization was $ 1,289 billion.

Bitcoin dominance reached an early high of 46.56% before falling to a low of 46.22%. At the time of writing this article, Bitcoin dominance stands at 46.31%.

For the afternoon to come

Bitcoin should avoid the $ 31,509 pivot to bring into play the first major resistance level at $ 33,495.

However, broad market support would be needed for Bitcoin to fall back to $ 32,850 on Wednesday.

Barring a prolonged crypto rally, resistance at $ 33,000 would likely leave Bitcoin below the first major resistance level.

In the event of another protracted crypto rally, Bitcoin could test resistance at levels of $ 34,000. The second major resistance level is located at $ 34,836.

A fall through the pivot of $ 31,509 would bring into play the first major support level at $ 30,168.

The story continues

Unless an extended afternoon sell-off, however, Bitcoin should avoid support levels below $ 30,000.

The second major support level is at $ 28,182.

Beyond the support and resistance levels, we saw a bullish cross this morning, with the 50 EMA breaking through the 100 and narrowing at the 200 EMA.

We have also seen the 100 EMA shrink slightly from the 200 EMA, adding additional support to Bitcoin and crypto bulls.

A further widening of the 50 EMA from the 100 EMA and a narrowing of the 200 EMA this afternoon would stake $ 33,000.

The key for the afternoon will be for Bitcoin to break out from $ 32,850.0 on Wednesday.

After Wednesday’s rally, Bitcoin should avoid day pivot at $ 31,509 otherwise Wednesday’s earnings reversal

This article originally appeared on FX Empire

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