Bitcoin Price Prediction Bitcoins Rut Continues To Leave Support At $ 30,000 Key

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After a bearish week, Bitcoin and the majors returned to the red at the start of the week.

At the time of writing, Bitcoin, BTC to USD, was down 1.13% to $ 31,460.0. A mixed start to the day saw Bitcoin hit an early morning high of $ 31,928.0 before reversing.

Below the first major resistance level at $ 31,970, Bitcoin slipped to an intraday low of $ 31,407.0 late in the morning.

Despite the reversal, Bitcoin managed to avoid the first major support level at $ 31,180 during the morning session.

The rest of the pack

It was also a bearish morning for the broader crypto market.

During the morning, Bitcoin Cash SV slipped 5.50% to lead the way.

Binance Coin (-1.49%), Chainlink (-1.59%), Crypto.com Coin (-2.24%), Polkadot (-1.80%) and Ripples XRP (-1.73%) have also experienced difficulties.

Cardanos ADA (-1.00%), Ethereum (-0.72%) and Litecoin (-0.91%), however, recorded more modest losses.

In the early hours of the morning, the total crypto market peaked at $ 1,289 early in the morning before falling back to $ 1,271 billion. At the time of writing, the total market capitalization was $ 1,271 billion.

Bitcoin dominance fell to a low of 46.37% before hitting a high of 46.55%. At the time of writing this article, Bitcoin dominance stands at 46.39%.

For the afternoon to come

Bitcoin is expected to retreat to the $ 31,795 pivot to bring into play the first major resistance level at $ 32,478.

However, broad market support would be needed for Bitcoin to break out of this morning’s $ 31,928.0 high and $ 32,000 levels.

Barring a widespread crypto rebound, the first major resistance level and Sunday’s $ 32,453 high would likely cap any upside potential.

In the event of a prolonged crypto rally, Bitcoin could test resistance at levels of $ 33,000. The second major resistance level is located at $ 33,137.

If you fail to break through the pivot at $ 31,795, the first major support level at $ 31,136 would be rolled over.

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

The story continues

The second major support level at $ 30,453 should continue to limit the decline.

Beyond the support and resistance levels, we saw the 50 EMA retreat further from the 100 and 200 EMA until late morning, supporting the reversal of Bitcoin.

We have also seen the 100 EMA retreat further from the 200 EMA, adding pressure on Bitcoin and the bulls.

A further withdrawal of the 50 EMA from the 100 EMA and the 200 EMA this afternoon would bring the support levels back into play.

The key for the afternoon will be for Bitcoin to come back to $ 31,795.

Having been stuck in the brackets in recent days, a lack of support could put levels below $ 31,000 into play. An extended sell-off and Bitcoin would likely drop below $ 30,000 for the first time since late June.

This article originally appeared on FX Empire

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