Bitcoin fell by 0.99% on Wednesday. Partially reversing a 5.44% rally from Tuesday, Bitcoin ended the day at $9,300.3.
A relatively range-bound start to the day saw Bitcoin rise to an early morning high $9,436.4 before falling to a late morning intraday low $9,242.0.
Steering clear of the major support and resistance levels, Bitcoin fell through the 38.2% FIB of $9,260 before finding support.
Bitcoin bounced back to a late intraday high $9,442.3 before hitting reverse. Falling short of the first major resistance level at $9,560.97, Bitcoin fell back to sub-$9,300 levels.
A recovery to $9,300 at the day end limited, however, the downside on the day.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, however, in spite of the upside this week.
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 another mixed day for the majors.
Bitcoin Cash ABC, Cardano’s ADA and Monero’s XMR bucked the trend, with gains of 0.35%, 0.54%, and 2.69% respectively.
It was bearish for the rest of the pack, however.
Bitcoin Cash SV led down, sliding by 3.71%.
Binance Coin (-1.05%), EOS (-2.17%), Ethereum (-1.40%), Litecoin (-1.65%), and Ripple’s XRP (-1.64%) also struggled.
Stellar’s Lumen and Tron’s TRX saw more modest losses of 0.52% and 0.10% respectively.
Through the 1st half of the week, the crypto total market cap rose from a Monday low $237.76bn to a Wednesday high $257.94bn. At the time of writing, the total market cap stood at $253.17bn.
Bitcoin’s dominance held onto 66% levels supported by the solid gains from the start of the week.
Trading volumes also picked up, rising from sub-$80bn levels on Sunday to $126bn levels on Wednesday before easing back. At the time of writing, 24-hr volumes stood at $114.55bn.[fx-article-ad]
At the time of writing, Bitcoin was down by 0.14% to $9,287.5. A mixed start to the day saw Bitcoin rise to an early morning high $9,335.5 before falling to a low $9,205.0.
Coming up short of the first major resistance level at $9,414.33, Bitcoin fell through the 38.2% FIB of $9,260 and the first major support level at $9,214.23.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV (+0.60%), Cardano’s ADA (+0.87%), and EOS (+0.43%) found early support.
It was a bearish start for the rest of the pack, however. Tron’s TRX was down by 1.93% to lead the way down.
Bitcoin Cash ABC (-1.53%), Monero’s XMR (-0.92%), Ripple’s XRP (-1.18%), and Stellar’s Lumen (-1.09%) also struggled.
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Bitcoin would need to move back through the morning high $9,335.5 to support a run at the first major resistance level at $9,414.33.
Support from the broader market would be needed, however, for Bitcoin to break through to $9,400 levels.
Barring a broad-based crypto rally, Wednesday’s high $9,442.3 and the first major resistance level would likely cap any upside.
In the event of another breakout, the second major resistance level at $9,528.37 will likely come into play.
Failure to move back through the morning high $9,335.5 could see Bitcoin fall deeper into the red.
A fall back through the 38.2% FIB of $9,260 would bring the first major support level at $9,214.23 back into play.
Barring a crypto meltdown, however, Bitcoin should steer well clear of sub-$9,000 levels. The second major support level at $9,128.17 should limit any downside on the day.