Bitcoin rallied by 9.89% on Wednesday. Reversing a 3.75% slide from Tuesday, Bitcoin ended the day at $7,326.2.
A mixed start to the day saw Bitcoin fall from an early morning high $6,756.8 to an early afternoon intraday low and new swing lo $6,477.0.
Bitcoin fell through the first major support level at $6,534.07 before rebounding to a late intraday high $7,482.2.
Bitcoin broke through the major resistance levels before easing back through the third major resistance level at $7,457.03.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of Bitcoin’s return to $7,000 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 also a particularly bullish day for the majors.
EOS, Binance Coin, and Litecoin led the way, surging by 11.71%, 10.36% and by 10.28% respectively.
Bitcoin Cash ABC (+6.29%), Bitcoin Cash SV (+7.35%), Ethereum (+9.07%), Ripple’s XRP (+6.98%), Stellar’s Lumen (+7.85%) and Tron’s TRX (+7.33%) also saw solid gains.
Tezos trailed the pack on the day, with a more modest 2.53% gain.
Through the start of the week, the crypto total market cap rose to a Monday high $195.00bn before sliding to a low $175.14bn on Wednesday. At the time of writing, the total market cap stood at $192.36bn.
Bitcoin’s dominance held onto 68% levels on Wednesday, supported by the solid gain on the day. Trading volumes were also on the rise, with volumes hitting $100bn levels as sidelined investors returned.[fx-article-ad]
At the time of writing, Bitcoin was down by 1.61% to $7,208.4. A mixed start to the day saw Bitcoin rise to an early morning high $7,417.1 before sliding to a low $7,174.1.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a sea of red across the crypto board.
Binance Coin (-2.78%), Ethereum (-3.02%), and Ripple’s XRP (-2.80%) led the way down.
EOS (-1.00%) and Tezos (-0.25%) saw relatively modest losses in the early part of the day.
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Bitcoin would need to steer clear of sub-$7,100 levels support a run at the first major resistance level at $7,713.27.
Support from the broader market would be needed, however, for Bitcoin to break out from $7,400 levels.
Barring a broad-based crypto rebound, resistance at $7,500 would likely pin Bitcoin back for a 2nd consecutive day.
Failure to steer clear of sub-$7,100 levels could see Bitcoin eat into Wednesday’s gain.
A fall through to sub-$7,090 levels would bring the first major support level at $6,708.07 into play.
Barring an extended sell-off through the day, however, Bitcoin should steer clear of sub-$6,700 levels.