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Bitcoin Price Prediction – A Move Back to $32,500 Would Bring $33,000 into Play

·3-min read

After another bullish day for Bitcoin and the broader market on Thursday, it was a mixed morning for the crypto majors this morning.

At the time of writing, Bitcoin, BTC to USD, was up by 0.32%to $32,422.0. A mixed start to the day saw Bitcoin fall to an early morning low $32,228.0 before making a move.

Steering clear of the first major support level at $31,833, Bitcoin rallied to a mid-morning current day high $32,948.0.

Bitcoin broke through the first major resistance level at $32,708 before falling back to sub-$32,500 levels.

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 1.96% to lead the way.

Ethereum (+1.72%) and Ripple’s XRP (+0.13%) also bucked the trend early on.

It was a bearish start for the rest of the majors, however.

Polkadot was down by 2.77% to lead the way down, with Binance Coin (-1.16%), Cardano’s ADA (-1.11%), and Chainlink (-1.73%) also struggling. Coin (-0.90%) and Litecoin (-0.80%) saw relatively modest losses, however.

Through the early hours, the crypto total market fell to an early morning low $1,308bn before rising to a high $1,342bn. At the time of writing, the total market cap stood at $1,317bn.

Bitcoin’s dominance rose to an early high 46.33% before falling to a low 46.00%. At the time of writing, Bitcoin’s dominance stood at 46.16%.

For the Afternoon Ahead

Bitcoin would need to avoid the $32,222 pivot to bring the first major resistance level at $32,708 into play.

Support from the broader market would be needed, however, for Bitcoin to move back through to $32,500 levels.

Barring an extended crypto rally, the first major resistance level and current day high $32,948.0 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $33,500. The second major resistance level sits at $33,097.

A fall through the $32,222 pivot would bring the first major support level at $31,833 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$31,000 support levels.

The second major support level at $31,347 should limit the downside.

Looking beyond the support and resistance levels, we saw the 50 EMA pull further away from the 100 and 200 EMAs this morning.

We also saw the 100 EMA narrow on the 200 EMA adding further support to Bitcoin and the crypto bulls.

A further widening of the 50 EMA from the 200 EMA and narrowing of the 100 EMA on the 200 EMA this afternoon would bring $33,000 levels into play. A bullish cross of the 100 through the 200 would support a breakout.

Key going into the afternoon will be for Bitcoin to break back through the first major resistance level at $32,708.

Following Thursday’s gains, Bitcoin would need to avoid the day’s $32,222 pivot else face a sharp pullback.

This article was originally posted on FX Empire


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