It’s been another particularly bearish start to the day for Bitcoin and the broader crypto market.
Following an 11.01% slide on Monday, Bitcoin was back in the red this morning, giving up early gains.
At the time of writing, Bitcoin, BTC to USD, was down by 0.66% to $31,517.9. A mixed start to the day saw Bitcoin fall to an early morning current day low $31,300.0 before finding support.
Steering clear of the first major support level at $30,119, Bitcoin rose to an early morning high $33,368.0 before sliding back into the red.
Falling well short of the first major resistance level at $34,583, Bitcoin revisited $31,300 levels before steadying.
The Rest of the Pack
It’s been a bearish morning for the broader crypto market.
Bitcoin Cash SV was down by 9.24% to lead the way down after Monday’s 16.57% tumble.
Through the early hours, the crypto total market fell to an early morning low $1,236bn before rising to a high $1,334bn. At the time of writing, the total market cap stood at $1,242bn.
Bitcoin’s dominance fell to an early low 46.67% before rising to a high 47.47%. At the time of writing, Bitcoin’s dominance stood at 47.35%.
For the Day Ahead
Bitcoin would need to move back through the $32,976 pivot to support a run at the run at the first major resistance level at $34,583.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $33,368.0.
Barring an extended crypto rally, the first major resistance level would 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 $37,440.
Failure to move back through the $32,976 pivot would bring the first major support level at $30,119 back into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of the second major support level at $28,512.
Looking beyond the support and resistance levels, the 50 EMA pulled further back from the 100 and the 200 through the morning, supporting the mid-morning pullback.
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-$30,000 levels into play.
Key going into the afternoon will be a move back through the pivot and early morning high $33,368 to $33,500 levels.