Bitcoin Bucks the Trend Early in a Bid to Break from the Pack

Bitcoin leads the way early on as the bears dig into the broader market. This could be a defining moment for Bitcoin…
Bitcoin symbol in blockchain technology and cryptocurrency concept. Abstract background 3d illustration.

Bitcoin gained 1.6% on Wednesday. Following on from a 1.18% rise on Tuesday, Bitcoin ended the day at $6,201.5.

A particularly bearish start to the day saw Bitcoin slide to an early morning intraday low $6,007.8 before finding support.

In spite of the early sell-off, Bitcoin held above the first major support level at $5,977.6 and also avoided sub-$6,000 levels for a 2nd consecutive day.

Range-bound through the afternoon, Bitcoin struck a late intraday high $6,230 before pulling back.

Coming within range of the first major resistance level at $6,273.7, Bitcoin slid to an evening low $6,103.6 before recovering to $6,200 levels.

Elsewhere,

Across the top 10 cryptos, it was another mixed bag for the majors. On the positive front, Ethereum led the day once more, rising by 1.85%.

Other majors that ended the day in positive territory included Bitcoin Cash ABC and Litecoin, both rising by 0.64%. EOS and Cardano’s ADA also managed to avoid a reversal, gaining 0.37% and 0.12% respectively.

On the other end of the table, Stellar’s Lumen took a tumble on Wednesday, sliding by 2.8%. Binance Coin and Ripple’s XRP also saw red, the pair fell by 0.93% and by 0.49% respectively.

The newfound support for Ethereum continued to weigh on Binance Coin, in spite of Binance’s Launchpad platform that is expected to eat into Ethereum’s ICO “go to” status.

Bitcoin’s hold onto $6,000 levels has led to Bitcoin’s dominance rise to 57.1%. The increase in dominance has come despite the total crypto market cap hovering at just shy of $190bn levels.

Of some concern, however, will be a pullback in 24-hour volumes to sub-$50bn levels of late.

On the wires, news of Binance being hacked certainly didn’t help Binance Coin this week, though the 6th largest Bitcoin hack did have a relatively muted impact on the broader market.

The question will be whether the SEC sees this as yet another reason to roadblock institutional money from flooding into the market.

This Morning,

At the time of writing, Bitcoin was up by 1.43% to $6,290. A bullish start to the day saw Bitcoin rally from am morning low $6,200 to a high $6,344.0 before easing back.

The early rally saw Bitcoin break through the first major resistance level at $6,285.07 to come within range of the second major resistance level at $6,368.63.

Bitcoin steered well clear of the major support levels early on in the day.

Elsewhere, joining Bitcoin in the green was Litecoin, which was up by 0.35% at the time of writing. The rest of the majors were in the red, with Cardano’s ADA seeing the heaviest losses, down by 3.77%.

For the day ahead,

A hold onto $6,200 levels through the morning would bring $6,300 levels back into play later in the day. Bitcoin would need support from the broader market, however, to take a run at the second major resistance level at $6,368.63.

A broad-based crypto rebound could see Bitcoin breakout from $6,360 levels to bring $6,400 levels into play before any pullback.

Failure to hold onto $6,200 levels could see Bitcoin give up the morning gains. A pullback through to sub-$6,150 levels would bring sub-$6,100 levels into play before any recovery. Barring a crypto meltdown, however, Bitcoin will likely steer clear of the first major support level at $6,062.87.

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