Bitcoin fell by 0.72% on Wednesday. Following on from a 12.05% tumble on Tuesday, Bitcoin ended the day at $8,475.3.
A bullish start to the day saw Bitcoin rise to an early morning intraday high $8,773.6 before hitting reverse.
Falling well short of the first major resistance level at $9,522.47, Bitcoin fell to a late morning intraday low $8,266.
Steering clear of the first major support level at $7,827.47, Bitcoin bounced back to 8,600 levels late in the day before falling back into the red.
For the bulls, the extended bullish trend remained intact in spite of the slide to sub-$9,000 levels. While falling back through the 38.2% FIB, Bitcoin continued to steer well clear of the 62% FIB of 7,245.
Across the rest of the top 10 cryptos, it was a mixed bag for the majors.
Stellar’s Lumen and EOS led the way on the day with gains of 8.37% and 3.71% respectively.
Litecoin (+3.68%), Ripple’s XRP (+2.75%) and Ethereum (+2.25%) also found strong support on the day.
Bitcoin Cash ABC and Bitcoin Cash SV joined Bitcoin in the red, however, with losses of 0.36% and 0.33% respectively.
Through the day, the total crypto market cap slid from a high $227.77bn low $217.1bn before recovering. At the time of writing, the total market cap stood at $222.31bn.
Bitcoin’s dominance fell back to 68% levels, reflective of the trend-bucking loss on the day.
The news wires were on the quieter side once more, failing to give Bitcoin any direction.
With September rapidly coming to an end, however, the SEC’s October Bitcoin ETF deadlines are rapidly approaching.
A favorable decision on the ETFs and Bitcoin’s halving event next year could give the bulls 2nd wind going into the final quarter…[fx-article-ad]
At the time of writing, Bitcoin was down by 0.01% to $8,474.5. A tentative start to the day saw Bitcoin fall from an early morning high $8,487.5 to a low $8,432.5 before finding support.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Bitcoin Cash ABC and Stellar’s Lumen were back on the charge, rallying by 4.02% and by 3.34% respectively.
Binance Coin and Bitcoin Cash SV also found support early on, with gains of 0.36% and 0.5% respectively.
It was red for the rest of the pack, however, with Litecoin and Ripple’s XRP leading the way down. At the time of writing, Litecoin was down by 0.57%, with Ripple’s XRP down by 0.40%.
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Bitcoin would need to move through the morning high $8,487.5 to $8,500 levels to support a partial recovery of the current week losses.
Support from the broader market would be needed, however for Bitcoin to take a run at the first major resistance level at $8,745.27.
Barring a broad-based crypto rebound, the first major resistance level and Wednesday’s high $8,773.6 would likely cap any upside.
Failure to move through to $8,500 levels could see Bitcoin spend another day in the red.
A fall through the early morning low $8,412.1 to $8,380 levels would bring the first major support level at $8,233.67 into play.
Barring a broad-based crypto sell-off, Bitcoin should steer clear of the second major support level at $7,992.03.