It’s been a broadly bearish morning session for Bitcoin and the broader market.
At the time of writing, Bitcoin, BTC to USD, was down by 2.39% to $61,397.0.
A mixed start to the day saw Bitcoin rise to an early morning high $63,067.0 before hitting reverse.
Falling well short of the first major resistance level at $64,252, Bitcoin fell to a late morning low $61,277.0.
Steering clear of the first major support level at $60,862, however, Bitcoin revisited $61,900 levels before easing back.
The Rest of the Pack
It’s been a mixed morning for the rest of the majors.
Crypto.com Coin was up by 7.88% to lead the way.
Bitcoin Cash SV (+0.17%) and Polkadot (+0.55%) also found morning support.
It has been a bearish morning for the rest of the majors, however.
At the time of writing, Chainlink was down by 3.76% to lead the way down.
Binance Coin (-2.07%), Cardano’s ADA (-2.21%), Ethereum (-2.06%), Litecoin(-2.64%), and Ripple’s XRP (-1.90%) also struggled.
Through the early hours, the crypto total market cap rose to an early morning high $2,746bn before falling to a late morning low $2,690. At the time of writing, the total market cap stood at $2,688bn.
Bitcoin’s dominance rose to an early morning high 43.43% before falling to a low 43.10%. At the time of writing, Bitcoin’s dominance stood at 43.15%.
For the Afternoon Ahead
Bitcoin would need to move back through the $62,213 pivot to bring the first major resistance level at $64,252 and $65,000 levels into play.
Support from the broader market will be needed, however, for Bitcoin to break out from $63,500 levels.
Barring an extended crypto rally, the first major resistance at $64,252 would likely cap any upside.
In the event of another extended rally through the afternoon, Bitcoin could test resistance at $68,000 before any pullback. The second major resistance level sits at $65,603.
Failure to move back through the $62,213 pivot would bring the first major support level at $60,862 back into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$60,000 levels.
The second major support level sits at $58,823.
Looking beyond the support and resistance levels, we saw the 50 EMA narrow on the 100 and 200 EMAs this morning. We also saw the 100 EMA narrow on the 200 EMA.
Through the 2nd half of the day, a widening of the 50 EMA from the 100 and 200 would bring $68,000 levels into play.
Key through the late morning and early afternoon, however, would be to move back through to $63,500 levels.