After a bearish start to the week on Monday, Bitcoin is struggling to break out this morning. The lack of direction has also tested support for the broader market.
At the time of writing, Bitcoin, BTC to USD, was up by 0.04% to $33,090.1. A mixed start to the day saw Bitcoin fall to an early morning low $32,841.0 before making a move.
Steering clear of the first major support level at $32,234, Bitcoin rose to a late morning intraday high $33,337.0.
In spite of the recovery, Bitcoin came up short of the first major resistance level at $34,289.
The Rest of the Pack
It has been a mixed morning for the broader crypto market.
Through the morning, Crypto.com Coin was up by 1.45% to lead the way.
Bitcoin Cash SV (+0.10%) and Ripple’s XRP (+0.01%) also saw minor gains through the morning.
It’s been a bearish morning for the rest of the majors, however.
Binance Coin (-1.08%), Cardano’s ADA (-1.20%), and Polkadot (-1.40%) led the way down through the morning.
Chainlink (-0.22%), Ethereum (-0.80%), and Litecoin (-0.01%) also struggled, however.
Through the early hours, the crypto total market fell to an early morning low $1,326bn before rising to a high $1,353bn. At the time of writing, the total market cap stood at $1,344bn.
Bitcoin’s dominance fell to an early low 46.10% before rising to a high 46.37%. At the time of writing, Bitcoin’s dominance stood at 46.25%.
For the Afternoon Ahead
Bitcoin would need to move through the $33,444 pivot to bring the first major resistance level at $34,289 into play.
Support from the broader market would be needed, however, for Bitcoin to move back through to $34,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Monday’s high $34,655 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 $35,499.
Failure to move through the $33,444 pivot would bring the first major support level at $32,234 into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$32,000 support levels.
The second major support level sits at $31,389.
Looking beyond the support and resistance levels, we saw the 50 EMA pull further back from the 100 and 200 EMAs through the morning.
We also saw the 100 EMA pullback from the 200 EMA supporting the morning pressure.
A further pullback of the 50 EMA from the 100 EMA and the 200 EMA this afternoon would support further downside.
Key going into the afternoon will be for Bitcoin to move through the pivot to $33,444 to avoid another day in the red.
This article was originally posted on FX Empire