Bitcoin tumbled by 6.96% on Wednesday. Following on from a 2.3% slide on Tuesday, Bitcoin ended the day at $7,493.7.
Relatively range-bound through the morning, Bitcoin fell from an early morning intraday high $8,074.5 to an early morning low $7,961.7 before finding support.
Steering clear of the major support levels, Bitcoin recovered to $8,000 levels before getting hit by a broad-based crypto meltdown.
The broad-based crypto sell-off saw Bitcoin slide to a late afternoon intraday low $7,333.4 before finding support.
Bitcoin fell through the major support levels. In spite of the reversal, Bitcoin managed to steer clear of the 62% FIB of $7,245, however.
Through the latter part of the day, Bitcoin moved back through to $7,500 levels to limit the losses on the day. In spite of the late support, Bitcoin failed to break back through the third major support level at $7,544.53.
For the bulls, the extended bullish trend remained intact in spite of sliding back to sub-$8,000 levels. While falling back through the 38.2% FIB, Bitcoin continued to hold above the 62% FIB of 7,245.
Across the rest of the top 10 cryptos, it was another day in the red across the crypto board on Wednesday.
Binance Coin (-8.50%), Bitcoin Cash ABC (-7.55%), Bitcoin Cash SV (-7.10%), and Litecoin (-7.23%) led the way down.
EOS (-6.16%), Ethereum (-5.12%), Ripple’s XRP (-6.10%) and Stellar’s Lumen (-5.80%) also saw heavy losses, however.
Through the early part of the week, the total crypto market cap rose to a Monday high $224.47bn before falling to a Wednesday low $202.69bn. At the time of writing, the total market cap stood at $204.43bn.
Bitcoin’s dominance continued to sit at sub-67% levels, with Wednesday’s relatively heavy loss pinning back Bitcoin back.[fx-article-ad]
At the time of writing, Bitcoin was down by 0.47% to $7,458.6. A mixed start to the day saw Bitcoin rise to an early morning high $7,510.2 before falling to a low $7,412.6.
Bitcoin left the major support and resistance levels untested early on.
For the rest of the top 10, it was also a bearish start to the day.
Ripple’s XRP and Bitcoin Cash ABC led the way down, with losses of 1.39% and 1.0% respectively.
[fx-image src=https://www.tradingview.com/x/7NVInZsW/ originalWidth=761 ratio=1.3 data-zoom-target=https://www.tradingview.com/x/7NVInZsW/]
For the day ahead, Bitcoin would need to move through to $7,640 levels to support a run at the first major resistance level at $7,934.33.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $7,510.2.
Barring a broad-based crypto rebound, Bitcoin would likely come up short of a return to $8,000 levels.
Failure to move through to $7,640 levels could see Bitcoin slide deeper into the red on the day.
A fall back through to $7,300 levels would bring the 62% FIB of $7,245 into play before any recovery.
Barring an extended sell-off through the day, Bitcoin should steer clear of the first major support level at $7,193.23.