It’s been a mixed start for Bitcoin and the broader crypto market. After Wednesday’s bullish session, caution returned through the early hours.
At the time of writing, Bitcoin, BTC to USD, was up by 0.87% to $39,644.8. Through the early hours, UTC, Bitcoin fell to a current day low $37,221.0 before striking a late morning high $39,799.0.
The early sell-off saw Bitcoin fall through the first major support level at $37,807.
In spite of the recovery, however, Bitcoin came up well short of the first major resistance level at $40,840. Resistance at $40,000 proved too strong once more.
The Rest of the Pack
Across the rest of the majors, it has been a mixed morning.
It’s been a bearish morning for the rest of the majors, however.
Through the early hours, the crypto total market rose to an early morning high $1,723bn before falling to a low $1,604bn. At the time of writing, the total market cap stood at $1,709bn.
Bitcoin’s dominance fell to an early low 42.69% before rising to a high 43.45%. At the time of writing, Bitcoin’s dominance stood at 43.37%.
For the Day Ahead
Bitcoin would need to avoid a fall back through the $39,346 pivot to support another run at the first major resistance level at $40,840.
Support from the broader market would be needed, however, for Bitcoin to break back through to $40,000 levels.
Barring an extended rally through the early afternoon, resistance at $40,000 would likely continue to limit the upside.
A move back through the $40,000 levels, however, would bring the 38.2% FIB of $41,592 and the second major resistance level at $42,378 into play.
Looking beyond the support and resistance levels, we saw the 50 EMA pull further away from the 100 EMA delivering the markets with a bullish signal this morning…
A fall back through the $39,346 pivot would bring the first major support level at $37,807 into play.
Barring another extended sell-off throughout the afternoon, Bitcoin should steer clear of sub-$37,000 levels. The second major support level sits at $36,313.