It was a mixed day for the broader market on Wednesday.
Bitcoin joined just a handful of the crypto majors in the green on the day.
Bitcoin gained 0.38% on Wednesday. Following on from a 3.8% rally on Tuesday, Bitcoin ended the day at $5,254.5.
Relatively range-bound throughout the day, Bitcoin slipped from a mid-day intraday high $5,300 to an intraday low $5,206.8 before finding support.
Moves through the 2nd half of the day saw Bitcoin fall short of $5,300 levels. The day’s major support and resistance levels were left untested throughout the day.
Across the top 10 cryptos, it was a mixed bag for the majors. Joining Bitcoin in the green were Ripple’s XRP, Stellar’s Lumen, and Ethereum. Ripple’s XRP led the way on the day, rallying by 3.14. While Stellar’s Lumen also found support, gaining 1.05%, Ethereum managed just a 0.1% increase.
On the other end of the board, Bitcoin Cash ABC saw the heaviest losses, sliding by 3.69%, with Litecoin ending the day with a 2.07% loss.
While Bitcoin Cash ABC saw red, Bitcoin Cash SV continued its merry way down into the abyss. News of crypto exchanges withdrawing Bitcoin Cash SV weighed further as the cryptomarket experienced yet again just how influential exchanges are on the performance of the majors.[fx-article-ad]
At the time of writing, Bitcoin was up by 0.98% to $5,306.0. A bullish start to the day saw Bitcoin rise from a morning low $5,254.5 to a high $5,316.0. Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $5,300.73 early on.
Across the broader market, it was a sea of green. Ethereum was leading the way at the time of writing, up by 3.6%. Litecoin and Stellar’s Lumen were not far behind with gains of 2.54% and 2.5%, whilst Bitcoin Cash ABC trailed.
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A hold onto $5,300 levels through the morning would support another run at the second major resistance level at $5,346.97 later in the day.
Support from the broader market could see Bitcoin breakout from $3,550 levels to take a run at $5,400 levels later in the day.
Barring a broad-based crypto rally, however, Bitcoin will likely come up short of the second major resistance level at $5,346.97.
Failure to hold onto $5,300 levels could see Bitcoin hit reverse later in the day. A pullback through the $5,250 levels would bring the first major support level at $5,207.53 into play.
Barring a broad-based crypto reversal, Bitcoin will likely steer clear of sub-$5,200 levels on the day. In the event of a crypto sell-off, the second major support level at $5,160.57 could come into play before any recovery.