After Wednesday’s broad-based crypto rebound, it was a choppy start to the day for Bitcoin and the broader market.
At the time of writing, Bitcoin, BTC to USD, was down by 0.97%to $31,841.0. A mixed start to the day saw Bitcoin rise to an early morning high $31,382.0 before hitting reverse.
Falling well short of the first major resistance level at $33,495, Bitcoin fell to a late morning current day low $31,794.0.
In spite of the pullback, Bitcoin steered well clear of the first major support level at $30,168 early on.
The Rest of the Pack
It has also been a mixed morning for the broader crypto market.
Through the morning, Bitcoin Cash SV was up by 7.56% to lead the way.
It was a bearish start for the rest of the majors, however.
Through the early hours, the crypto total market rose to an early morning high $1,312bn before falling to a low $1,282bn. At the time of writing, the total market cap stood at $1,289bn.
Bitcoin’s dominance rose to an early high 46.56% before falling to a low 46.22%. At the time of writing, Bitcoin’s dominance stood at 46.31%.
For the Afternoon Ahead
Bitcoin would need to avoid the $31,509 pivot to bring the first major resistance level at $33,495 into play.
Support from the broader market would be needed, however, for Bitcoin to move back through Wednesday’s high $32,850.
Barring an extended crypto rally, resistance at $33,000 would likely leave Bitcoin short of the first major resistance level.
In the event of another extended crypto rally, Bitcoin could test resistance at $34,000 levels. The second major resistance level sits at $34,836.
A fall through the $31,509 pivot would bring the first major support level at $30,168 into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$30,000 support levels.
The second major support level sits at $28,182.
Looking beyond the support and resistance levels, we saw a bullish cross this morning, with the 50 EMA crossing through the 100 and narrow on the 200 EMA.
We also saw the 100 EMA narrow marginally on the 200 EMA adding further support to Bitcoin and the crypto bulls.
A further widening of the 50 EMA from the 100 EMA and narrowing on the 200 EMA this afternoon would bring $33,000 levels into play.
Key going into the afternoon will be for Bitcoin to break out from Wednesday’s high $32,850.0.
Following Wednesday’s rally, Bitcoin would need to avoid the day’s $31,509 pivot else face a reversal of Wednesday’s gains…