U.S. markets close in 4 hours 31 minutes
  • S&P 500

    4,450.29
    +54.65 (+1.24%)
     
  • Dow 30

    34,769.01
    +510.69 (+1.49%)
     
  • Nasdaq

    15,029.44
    +132.59 (+0.89%)
     
  • Russell 2000

    2,248.09
    +29.53 (+1.33%)
     
  • Crude Oil

    73.12
    +0.89 (+1.23%)
     
  • Gold

    1,746.70
    -32.10 (-1.80%)
     
  • Silver

    22.62
    -0.29 (-1.25%)
     
  • EUR/USD

    1.1744
    +0.0048 (+0.41%)
     
  • 10-Yr Bond

    1.3960
    +0.0600 (+4.49%)
     
  • GBP/USD

    1.3727
    +0.0107 (+0.79%)
     
  • USD/JPY

    110.1840
    +0.4060 (+0.37%)
     
  • BTC-USD

    44,000.13
    +1,277.37 (+2.99%)
     
  • CMC Crypto 200

    1,104.56
    -4.36 (-0.39%)
     
  • FTSE 100

    7,089.27
    +5.90 (+0.08%)
     
  • Nikkei 225

    29,639.40
    -200.31 (-0.67%)
     
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Bitcoin Price Prediction –$36,000 Still Proving Elusive for the Bulls

·3 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

After a mixed start to the week, it’s been a bullish morning for Bitcoin and the broader crypto market.

At the time of writing, Bitcoin, BTC to USD, was up by 3.27% to $35,623.0. A mixed start to the day saw Bitcoin fall to an early morning low $34,226.8 making a move.

Steering clear of the sub-$34,000 levels and the first major support level at $33,821, Bitcoin rose to a late morning intraday high $35,839.0.

The morning rally saw Bitcoin break through the first major resistance level at $35,243 before easing back. Once more, Bitcoin came up short of $36,000 levels, with the second major resistance level at $35,992.

The Rest of the Pack

It’s been a mixed morning for the broader crypto market.

Bitcoin Cash SV was down by 0.24% to buck the trend following Monday’s breakout.

It’s been a bullish morning for the rest of the majors, however.

Ripple’s XRP was up by 12.37% through the morning to lead the way.

Binance Coin (+5.66%), Cardano’s ADA (+4.60%), Chainlink (+5.81%), Crypto.com Coin (+5.16%), Ethereum (+4.06), and Litecoin (+4.87%) also found solid support through the morning.

Polkadot (+0.76%) trailed the front runners, however.

Through the early hours, the crypto total market fell to an early morning low $1,377bn before rising to a high $1,443bn. At the time of writing, the total market cap stood at $1,433bn.

Bitcoin’s dominance rose to an early high 46.86% before falling to a low 46.45%. At the time of writing, Bitcoin’s dominance stood at 46.54%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall back through the first major resistance level at $35,243 to bring $36,000 levels into play.

Support from the broader market would be needed, however, for Bitcoin to break through the second major resistance level at $35,992.

Barring an extended crypto rally, the second major resistance level and resistance at $36,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $38,000 levels. The third major resistance level sits at $37,414.

A fall back through the first major resistance level and through the $34,570 pivot would bring the first major support level at $33,821 into play.

Barring a crypto sell-off through the afternoon, however, Bitcoin should steer clear of sub-$33,000 support levels. The second major support level at $33,148 should limit any downside.

Looking beyond the support and resistance levels, it has been an eventful morning. The 50 EMA has continued to pull away from the 200 EMA following yesterday’s bullish cross. We have also seen the 100 EMA close in on the 200 EMA lining up for a bullish cross today.

A further narrowing of the 100 EMA on the 200 EMA would bring $36,000 levels into play, however.

A bullish cross of the 100 through the 200 would bring $38,000 levels into play, with the Bitcoin bulls continuing to eye a return to $40,000 levels.

Key going into the afternoon will be to avoid a return to sub-$35,000 levels and the day’s pivot level at $34,570.

This article was originally posted on FX Empire

More From FXEMPIRE: