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After a bearish start to the week, the crypto majors found much-needed support this morning.

At the time of writing, Bitcoin, BTC to USD, was up by 0.67% to $33,897.0. A mixed start to the day saw Bitcoin fall to an early morning low $33,625.0 before rising to a mid-morning high $35,196.0.

Bitcoin broke through the first major resistance level at $34,926 to revisit $35,000 levels before sliding back to sub-$34,000 levels.

Key through the early hours was a failure to avoid a return to sub-$34,500 levels.

Its been a mixed morning for the broader crypto market.

At the time of writing, Bitcoin Cash SV was down by 3.72%, with Litecoin (-0.89%) also bucking the morning trend.

Its been a bullish morning for the rest of the majors, however.

Chainlink (+4.55%) and Crypto.com Coin (+3.93%) led the way, with Binance Coin (+2.50%) and Ethereum (+3.56%) also finding strong support.

Cardanos ADA (+0.87%), Polkadot (+0.58%), and Ripples XRP (+1.40%) trailed the front runners, however.

Through the early hours, the crypto total market fell to an early morning low $1,388bn before rising to a high $1,454bn. At the time of writing, the total market cap stood at $1,410bn.

Bitcoins dominance rose to an early high 45.34% before falling to a low 45.09%. At the time of writing, Bitcoins dominance stood at 45.10%.

Bitcoin would need to move back through the $34,026 pivot to bring the first major resistance level at $34,926 back into play.

Support from the broader market would be needed, however, for Bitcoin to break out from $34,500 levels.

Barring a broad-based crypto rally, resistance at this mornings high $35,196 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 $36,180.

Failure to move back through the $34,026 pivot would bring the first major support level at $32,772 back into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer well clear of sub-$31,000 support levels. The second major support level at $31,872 should limit the downside.

Story continues

Looking beyond the support and resistance levels, we saw the 50 and 100 EMA narrow on the 200 EMA this morning. We also saw a bearish cross, with the 50 falling through the 100 EMA in the late morning.

A further narrowing of the 50 and100 EMAs on the 200 EMA would trigger a further sell-off for the Bitcoin bulls.

Key going into the afternoon will be to break back through to $34,500 levels to bring resistance levels back into play.

This article was originally posted on FX Empire

Read more:
Bitcoin Price Prediction Failure to Revisit $34,500 Levels Would Leave Bitcoin in the Red - Yahoo Finance