Bitcoin, BTC to USD, fell by 2.72% on Wednesday. Reversing a 1.09% rise from Tuesday, Bitcoin ended the day at $10,263.0.
It was a mixed start to the day. Bitcoin fell from an early morning intraday high $10,555.0 to a mid-morning low $10,406.0.
Finding support at the first major support level at $10,418. Bitcoin moved back through to $10,500 levels.
Falling well short of the first major resistance level at $10,638, Bitcoin slid to a late intraday low $10,152.0.
Bitcoin fell through the first major support level at $10,418 and the second major support level at $10,288.
Finding late support a move back through to $10,260 levels reduced the deficit for the day. The second major support level at $10,288 pinned Bitcoin back, however.
The near-term bullish trend remained intact, in spite of the latest pullback. 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.
Chainlink tumbled by 12.76% to lead the way down.
Binance Coin (-5.08%), Bitcoin Cash ABC (-4.68%), Cardano’s ADA (-6.04%), Ethereum (-6.86%), and Ripple’s XRP (-5.02%) also saw heavy losses.
Bitcoin Cash SV (-3.62%), Crypto.com Coin (-0.59%), Litecoin (-3.53%), and Polkadot (-1.01%) saw relatively modest losses on the day.
In the current week, the crypto total market rose to a Monday high $334.04bn before sliding to a Wednesday low $300.97bn. At the time of writing, the total market cap stood at $306.27bn.
Bitcoin’s dominance fell to a Monday low 60.89% before rising to a Wednesday high 62.31%. At the time of writing, Bitcoin’s dominance stood at 62.07%.
At the time of writing, Bitcoin was up by 0.45% to $10,309.0. A mixed start to the day saw Bitcoin fall to an early morning low $10,222.0 before rising to a high $10,336.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV (-0.11%), Crypto.com Coin (-1.92%), and Polkadot (-0.02%) saw red early on.
It was a bullish start to the day for the rest of the majors, however.
At the time of writing, Chainlink was up by 4.30% to lead the way.
Bitcoin would need to move back through the $10,323 pivot level to support a run at the first major resistance level at $10,495.
Support from the broader market would be needed, however, for Bitcoin to break back through to $10,400 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $10,555.0 would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test resistance at $10,600 before any pullback. Bitcoin would likely come up short of the second major resistance level at $10,726 however.
Failure to move back through the $10,323 pivot would bring the first major support level at $10,092 into play.
Barring another extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,000 levels and the second major support level at $9,920.