Bitcoin slid by 3.55% on Wednesday. Following on from a 0.64% decline on Tuesday, Bitcoin ended the day at $9,312.1.
It was a relatively bullish start to the day for Bitcoin, which rose to a mid-morning intraday high $9,684.1.
Falling short of the first major resistance level at $9,709.57, Bitcoin slid to an early afternoon intraday low $9,212.0.
Bitcoin fell through the day’s major support levels and, more importantly, pulled back from $9,500…
Finding late support, Bitcoin briefly recovered to $9,340 levels before easing back. Bitcoin failed to break back through the third major support level at $9,381.03…
The near-term bullish trend remained intact in spite of the recent pullback to $9,300 levels. Bitcoin continues to hold above the 23.6% FIB of $8,900.
For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.
Across the rest of the majors, it was a bearish day on Wednesday.
Tezos (-5.85%) and Stellar’s Lumen (-4.53%) led the way down.
Bitcoin Cash ABC (-3.74%), Bitcoin Cash SV (-3.05%), Ethereum (-3.55%), Litecoin (-3.62%), Monero’s XMR (-3.46%), and Tron’s TRX (-3.44%) weren’t far behind.
Binance Coin (-2.50%), Cardano’s ADA (-0.41%), EOS (-2.78%), and Ripple’s XRP (-2.91%) saw relatively modest losses.
Through the current week, the crypto total market cap rose to a Monday high $272.54bn before falling to a Wednesday low $257.14bn. At the time of writing, the total market cap stood at $259.25bn.
Bitcoin’s dominance jumped to a Monday high 66.20% before sliding to a Wednesday low 65.65%. At the time of writing, Bitcoin’s dominance stood at 65.77%.
At the time of writing, Bitcoin was down by 0.26% to $9,287.8. A bearish start to the day saw Bitcoin fall from an early morning high $9,305.6 to a low $9,261.7.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day for the majors.
Monero’s XMR bucked the trend, with a 0.33% gain at the time of writing. It was bearish for the rest of the majors, with Tezos falling by 0.63% to lead the way down.
Bitcoin would need to move through the $9,400 pivot to support a run at the first major resistance level at $9,593.47.
Support from the broader market would be needed, however, for Bitcoin to break back through to $9,500 levels.
Barring another extended crypto rally, the first major resistance level and resistance at $9,500 would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,874.83 and resistance at $9,900.
Failure to move through the $9,400 pivot level could see Bitcoin struggle on the day.
A fall back through the morning low $9,261.7 would bring the first major support level at $9,121.37 into play.
In the event of another extended crypto sell-off, the second major support level at $8,930.63 and 23.6% FIB of $8,900 could come into play.