It’s been a particularly bearish start to the day for Bitcoin and the broader crypto market.
Following an 8.64% fall last week, Bitcoin was in the deep red this morning alongside the broader market.
At the time of writing, Bitcoin, BTC to USD, was down by 9.45% to $32,264.6. A mixed start to the day saw Bitcoin rise to an early morning high $35,832.0 before hitting reverse.
Falling well short of the first major resistance level at $36,768, Bitcoin slid to a late morning intraday low $32,158.0.
Bitcoin fell through the first major support level at $33,953 and the second major support level at $32,274.
Steering clear of sub-$32,000 levels, however, Bitcoin briefly moved back through the second major support level to revisit $32,600 levels before falling back.
The Rest of the Pack
It’s been a bearish morning for the broader crypto market.
Crypto.com Coin and Polkadot saw relatively modest losses of 9.88% and 9.15% respectively.
Through the early hours, the crypto total market rose to an early morning high $1,482bn before falling to a low $1,302bn. At the time of writing, the total market cap stood at $1,310bn.
Bitcoin’s dominance fell to an early low 45.20% before rising to a high 46.12%. At the time of writing, Bitcoin’s dominance stood at 46.06%.
For the Day Ahead
Bitcoin would need to move back through the major support levels and the $35,090 pivot to support a run at the run at the first major resistance level at $36,768.
Support from the broader market would be needed, however, for Bitcoin to break back through to $36,000 levels.
Barring an extended crypto rally, the first major resistance level and Sunday’s high $36,226.4 likely cap any upside.
In the event of a broad-based crypto rebound, Bitcoin could test resistance at $38,000 levels. The second major resistance level sits at $37,905.
Failure to move back through the major support levels and the $35,090 pivot would bring the sub-$32,000 levels into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of the third major support level at $29,459.
Looking beyond the support and resistance levels, the 50 EMA pulled further back from the 100 and the 200 through the morning, supporting the extended sell-off.
We have also seen the 100 EMA pull back from the 200 EMA adding further downward pressure.
A further pullback of the 50 EMA from the 100 EMA would bring sub-$31,000 levels into play before any recovery.