Bitcoin rose by 0.65% on Wednesday. Reversing a 0.65% decline from Tuesday, Bitcoin ended the day at $7,969.6.
A mixed start to the day saw Bitcoin rise to an early morning high $7,985.0 before hitting reverse.
Falling well short of the major resistance levels, Bitcoin tumbled to a late afternoon intraday low $7,634.8.
The reversal saw Bitcoin fall through the first major support level at $7,733.6 before finding support.
A late bounce back saw Bitcoin strike an intraday high $8,034.6 before easing back to sub-$8,000 levels.
In spite of the late support, Bitcoin came up short of the first major resistance level at $8,137.0.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin struggling at $8,000 levels.
For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.
Across the rest of the top 10 cryptos, it was a bearish day.
Cardano’s ADA led the way down, with a 4.46% slide. Bitcoin Cash SV (-3.83%), Ethereum (-3.00%), Litecoin (-3.35%), and Tezos (-3.22%) were close behind.
Binance Coin (-1.72%), Bitcoin Cash ABC (-1.37%), Monero’s XMR (-1.28%), Ripple’s XRP (-1.45%), Stellar’s Lumen (-2.52%), and Tron’s TRX (-1.46%) also saw red.
EOS joined Bitcoin in the green, with a 0.15% gain on the day.
Through the first half of the week, the crypto total market cap slid from a Monday current week high $233.12bn to a Wednesday current week low $215.34bn. At the time of writing, the total market cap stood at $223.85bn.
Bitcoin’s dominance returned to 64% levels after having fallen to sub-63.2% levels last week. At the time of writing, Bitcoin’s dominance stood at 64.7%.
Trading volumes hit $184bn levels on Monday before falling back to $121bn levels on Wednesday. At the time of writing, 24-hr volumes stood at $130.42bn.
At the time of writing, Bitcoin was up by 0.1% to $7,977.7. Another mixed start to the day saw Bitcoin rise to an early morning high $8,001.7 before falling to a low $7,960.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day for the majors.
Stellar’s Lumen and Tezos led the way down, with losses of 0.52% and 0.59% respectively.
For the Bitcoin Day Ahead
Bitcoin would need to move back through to $8,000 levels to bring the first major resistance level at $8,124.53 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from Wednesday’s high $8,034.6
Barring a broad-based crypto rebound, Wednesday’s high and resistance at $8,100 would likely cap any upside.
Failure to move through $8,000 levels could see Bitcoin struggle throughout the day.
A fall back through to sub-$7,880 levels would bring the first major support level at $7,724.73 into play.
Barring a crypto meltdown, however, Bitcoin should steer clear of the second major support level at $7,479.87.