Bitcoin Price Prediction – Failure to Return to $32,000 Levels Will Bring sub-$30,000 into Play

Yet more losses for Bitcoin and the broader market through this morning, after a bearish Thursday.

At the time of writing, Bitcoin, BTC to USD, was down by 1.40% to $31,445.0. A mixed start to the day saw Bitcoin rise to an early morning high $32,085.0 before hitting reverse.

Falling short of the first major resistance level at $33,010, Bitcoin slid to a late morning intraday low $31,352.0.

In spite of the reversal, Bitcoin managed to avoid the first major support level at $30,960 through the morning session.

BTCUSD 160721 Hourly Chart

The Rest of the Pack

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

Through the morning, Crypto.com Coin slid by 4.49% to lead the way down,

Binance Coin (-3.16%), Cardano’s ADA (-3.52%), and Polkadot (-3.87%) also saw relatively heavy losses.

Bitcoin Cash SV (-2.67%), Chainlink (-2,36%), Ethereum (-2.43%), Litecoin (-2.46%), and Ripple’s XRP (-0.59%) saw more modest losses, however.

Through the early hours, the crypto total market rose to an early morning high $1,312bn before falling to a low $1,272bn. At the time of writing, the total market cap stood at $1,276bn.

Bitcoin’s dominance fell to an early low 45.79% before rising to a high 46.28%. At the time of writing, Bitcoin’s dominance stood at 46.22%.

For the Afternoon Ahead

Bitcoin would need to move back through the $32,080 pivot to bring the first major resistance level at $33,010 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $32,085.0.

Barring a broad-based crypto rebound, the first major resistance level would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $34,000 levels. The second major resistance level sits at $34,130.

Failure to move back through the $32,080 pivot would bring the first major support level at $30,960 back 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 at $30,030 should continue to limit the downside.

Looking beyond the support and resistance levels, we saw the 50 EMA pulled further back from the 100 and 200 EMAs through the morning, driving the Bitcoin pullback.

We also saw the 100 EMA pull further back from the 200 EMA supporting the losses this morning.

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

Key going into the afternoon will be for Bitcoin to move back through the pivot to $32,080. A lack of support could bring the sub-$31,000 levels and the second major support level at $30,030 into play. An extended sell-off and Bitcoin would likely return to sub-$30,000 for the first time since late June.