Bitcoin rallied by 4.88% on Wednesday. Following on from a 0.50% gain from Tuesday, Bitcoin ended the day at $7,549.3.
A bearish start to the day saw Bitcoin slid to a late morning intraday low $6,878.2 before finding support.
Bitcoin fell through the first major support level at $7,034.90 before bouncing to a late intraday high $7,689.00.
Bitcoin broke through the first major resistance level at $7,374.00 and the second major resistance level at $7,549.70.
Easing back late in the day, Bitcoin fell back through the second major resistance level to $7,510 levels.
At the day end, however, it was the second major resistance level that pinned Bitcoin back.
In spite of a 3rd consecutive day in the green, the near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact.
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 bullish day for the majors on Wednesday.
Bitcoin Cash ABC led the way, rallying by 5.63%, with Binance Coin (+4.68%) and Ethereum (+3.50%) also seeing solid gains.
Bitcoin Cash SV (+1.61%), EOS (+2.42%), Litecoin (+1.72%), Ripple’s XRP (+1.49%), and Stellar’s Lumen (+2.07%) saw more modest gains on the day.
From outside of the top 10, Tron’s TRX continued to make a move towards the top 10, with a 4.66% gain.
In the early part of the week, the crypto total market cap slid to a Monday low $180.76bn before rebounding to a Wednesday current week high $206.42bn. At the time of writing, the total market cap stood at $205.22bn.
Bitcoin’s dominance rose from 66.2% to 66.5%, following Wednesday’s break out. 24-hour trading volumes were back at $80bn levels after hitting $133bn levels earlier in the week.[fx-article-ad]
At the time of writing, Bitcoin was down by 0.04% to $7,546.2. Another mixed start to the day saw Bitcoin rise to an early morning high $7,611.0 before falling to a low $7,518.1.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day for the majors. Ripple’s XRP led the way, rising by 1.64%, to buck the trend early on.
It was red for the rest of the pack, with Bitcoin Cash ABC (-1.31%) and Binance Coin (-1.40%) leading the way down.
In the early hours, Litecoin and EOS saw modest losses of 0.04% and 0.14% respectively.
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Bitcoin would need to move back through to $7,600 levels to support a run at the first major resistance level at $7,866.13.
Support from the broader market would be needed, however, to break through to $7,700 levels.
Barring a broad-based crypto rally, Wednesday’s high $7,689 and resistance at $7,700 would likely limit any upside.
Failure to move back through to $7,600 levels could see Bitcoin slide deeper into the red.
A fall back through the morning low $7,370 levels would bring the first major support level at $7,055.33 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$7,000 support levels on the day.