To dream that you are breathing rapidly, indicates that you are experiencing some anxiety, tension, or fear concerning a new situation in your waking life.
To dream that you are breathing underwater, represents a retreat back into the womb. You want to return to a state where you were dependent and free from responsibilities. Perhaps you are feeling helpless, unable to fulfill your own needs and caring for yourself. Alternatively, you may be submerged in your emotions.
To dream that you are holding your breath, indicates your stubborn state of mind. Your views may be one-sided and the dream is telling you to be open to the opinions of others.
To dream that you cannot breathe, indicates that you are feeling exhausted. People who suffer from asthma often have dreams of not being able to breathe.