Bitcoin Price Prediction – Failure to Revisit $35,500 Levels Would Bring Support Levels into Play

After a mixed day for the crypto majors on Tuesday, it’s been a bearish morning for Bitcoin and the broader crypto market.

At the time of writing, Bitcoin, BTC to USD, was down by 2.51% to $35,019.0. A mixed start to the day saw Bitcoin rise to an early morning high $36,099.0 before hitting reverse.

Falling well short of the first major resistance level at $36,939, Bitcoin slid to a mid-morning intraday low $34,700.0.

Steering clear of the first major support level at $34,566, Bitcoin found support to move back through to $35,000 levels.

The Rest of the Pack

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

Through the morning, Ripple’s XRP was down by 4.62% to lead the way down.

Bitcoin Cash SV (-3.57%), Chainlink (-3.82%), and Crypto.com Coin (-3.48%) also saw heavy losses.

Binance Coin (-2.92%), Cardano’s ADA (-2.83%), Ethereum (-1.37%), and Litecoin (-2.50%), and Polkadot (-1.44%) saw relatively modest losses, however.

Through the early hours, the crypto total market rose to an early morning high $1,447bn before falling to a low $1,387bn. At the time of writing, the total market cap stood at $1,398bn.

Bitcoin’s dominance rose to an early high 46.95% before falling to a low 46.50%. At the time of writing, Bitcoin’s dominance stood at 46.54%.

For the Afternoon Ahead

Bitcoin would need to move back through the $35,583 pivot to bring the first major resistance level at $36,939 back into play.

Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $36,099.0.

Barring an extended crypto rally, the first major resistance level and resistance at $37,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $40,000 levels. The second major resistance level sits at $37,956.

Failure to move back through the $35,583 pivot would bring the first major support level at $34,566 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$34,000 support levels. The second major support level sits at $33,210.

Looking beyond the support and resistance levels, the 50 EMA has flattened on the 100 EMA. We have also seen the 100 EMA flatten on the 200 EMA through the morning.

A narrowing of the 50 EMA on the 100 EMA and the 100 EMA on the 200 EMA would bring support levels back into play.

A further widening of the 50 from the 100 and the 100 from the 200, however, would bring resistance levels into play. An early afternoon move through to $37,000 levels would give the Bitcoin bulls sight of $40,000 levels.

Key going into the afternoon will be to move back through the day’s pivot level at $35,583.