After a bearish start to the day, Bitcoin and the broader crypto market found much-needed support through the morning.
Following buck trending rise on Tuesday, Bitcoin was back on the move, recovering from an early visit to sub-$32,000 levels.
At the time of writing, Bitcoin, BTC to USD, was up by 4.28% to $33,965.0. A mixed start to the day saw Bitcoin fall to an early morning current day low $31,790.0 before finding support.
Steering clear of the first major support level at $30,090, Bitcoin rose to a mid-morning high $34,486.0 before easing back.
Bitcoin broke through the first major resistance level at $34,211, before easing back to sub-$34,000 levels.
The Rest of the Pack
It’s been a bullish morning for the broader crypto market.
Ripple’s XRP was up by 15.32% to lead the way.
Through the early hours, the crypto total market fell to an early morning low $1,242 before rising to a high $1,363bn. At the time of writing, the total market cap stood at $1,339bn.
Bitcoin’s dominance rose to an early high 48.32% before falling to a low 47.19%. At the time of writing, Bitcoin’s dominance stood at 47.45%.
For the Day Ahead
Bitcoin would need to continue to avoid the $31,729 pivot to support another run at the first major resistance level at $34,211.
Support from the broader market would be needed, however, for Bitcoin to break back through to $34,200 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $34,500 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $36,000 levels. The second major resistance level sits at $35,850.
A fall through the $31,729 pivot would bring the first major support level at $30,090 into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$29,000 levels and the 62% FIB of $27,237. The second major support level sits at $27,608.
Looking beyond the support and resistance levels, the 50 EMA narrowed on the 100 and the 200 through the morning, supporting the mid-morning rally.
We have also seen the 100 EMA flatten on the 200 EMA adding further support.
A further narrowing of the 50 EMA on the 100 EMA would bring sub-$35,000 levels into play.
Key going into the afternoon, however, would be a move back through the morning high $34,486 to $34,500 levels.