Bitcoin slid by 2.78% on Wednesday. Reversing a 2.34% gain from Tuesday, Bitcoin ended the day at $9,184.3.
Bearish through the morning, Bitcoin slid from an early morning intraday high $9,446.9 to a mid-afternoon intraday low $9,035.0.
Falling short of the first major resistance level at $9,636.87, Bitcoin fell through the first major support level at $9,177.07.
Finding support through the latter part of the day, Bitcoin bounced back to $9,200 levels before a final hour pullback.
In spite of the pullback, Bitcoin held above the first major support level at the day’s end.
For the bulls, the extended bullish trend remained intact in spite of failing to break out from the 38.2% FIB of $9,734. Bitcoin has continued to hold above the 62% FIB of 7,245.
Across the rest of the top 10 cryptos, it was a mixed day for the majors on Wednesday.
Bitcoin Cash ABC bucked the trend on the day, rising by 0.15%.
It was a bear trap for the rest of the majors, which gave up strong gains from the early hours of the day.
Tron’s TRX led the way down, sliding by 8.98%. The loss came in spite of the Chinese government’s latest blockchain rankings.
Stellar’s Lumen (-5.03%), Ethereum (-4.00%), Bitcoin Cash SV (-3.77%, EOS (-3.76%), Binance Coin (-3.42%), and Litecoin (-3.16%) also saw heavy losses.
Ripple’s XRP was also in the red, falling by a more modest 2.36% on the day.
Through the start of the week, the total crypto market cap hit an early morning high $257.76bn on Monday before sliding to a Wednesday low $243.12bn. At the time of writing, the total market cap stood at $246.72bn.
Bitcoin’s dominance held steady 67% levels as the broader market hit red, while trading volumes hovered at sub-$100bn levels.[fx-article-ad]
At the time of writing, Bitcoin was down by 0.03% to $9,181.8. A mixed start to the day saw Bitcoin rise to an early morning high $9,232.9 before falling to a low $9,165.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Bitcoin Cash SV and EOS joined Bitcoin in the red, with losses of 0.99% and 0.25% respectively.
It was positive for the rest of the pack, Litecoin (+0.85%) and Stellar’s Lumen (+0.70%) led the way early on.
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Bitcoin would need to move through to $9,250 levels to support a run at the first major resistance level at $9,409.13.
Support from the broader market would be needed, however, for Bitcoin to break through to $9,300 levels.
Barring a broad-based crypto rally on the day, the first major resistance level and Wednesday’s high $9,446.9 would likely cap any upside.
Failure to move through to $9,250 levels could see Bitcoin spend another day in the red.
A fall through to sub-$9,100 levels would bring the first major support level at $8,997.23 into play.
Barring a broad-based crypto sell-off, however, Bitcoin should steer clear of sub-$8,900 support levels.