Bitcoin rose by 0.53% on Wednesday. Partially reversing a 1.9% slide from Tuesday, Bitcoin ended the day at $10,175.
A particularly bullish start to the day saw Bitcoin rally to an early morning intraday high $10,300 before hitting reverse.
Falling short of the first major resistance level at $10,360.33, Bitcoin fell to a mid-morning intraday low $9,814.
The reversal saw Bitcoin fall through the first major support level at $9,920.33 to the lowest level since 2nd September.
Finding support through the late morning, Bitcoin recovered to $10,100 levels before a second visit to sub-$10,000 levels in the late afternoon.
Steering clear of the first major support level on the 2nd dip, Bitcoin moved back into positive territory late in the day.
For the bulls, the extended bullish trend remained intact. While Bitcoin broke back through the 38.2% FIB, Bitcoin had also continued to hold well above the 62% FIB of $7,245.
Across the rest of the top 10 cryptos, it was a bearish day for the majors.
Monero’s XMR bucked the trend on the day, gaining 2.59%.
It was red for the rest of the pack, with Bitcoin Cash SV and Binance Coin leading the way down. Bitcoin Cash SV slid by 6.8%, with Binance Coin falling by 4.78%.
Bitcoin Cash ABC (-2.1%), Stellar’s Lumen (-1.44%), Litecoin (-1.29%), and Ripple’s XRP (-1.21%) also saw relatively heavy losses.
Ethereum and EOS were the best of the rest, with losses of 0.75% and 0.49% respectively.
Since the start of the week, the total crypto market cap fell from $267bn levels on Monday to a current week low $257.9bn on Wednesday. At the time of writing, the total crypto market cap stood at $258.9bn.
In spite of the pullback, a more modest 3% loss for the current week saw Bitcoin’s dominance rise back through to 70% levels.[fx-article-ad]
At the time of writing, Bitcoin was down by 0.89% to $10,084. A mixed start to the day saw Bitcoin rise to an early morning high $10,223 before slipping to a low $10,064.
Bitcoin left the major support and resistance levels untested in the early hours.
Elsewhere, Bitcoin Cash ABC gave up early gains to join the rest of the majors in the red.
Binance Coin and Monero’s XMR saw the heaviest losses this morning. The pair were down by 4.91% and 2.99% respectively at the time of writing.
Bitcoin Cash SV (-1.41%), EOS (-1.42%), Litecoin (-1.69%), and Ripple’s XRP (-1.4%) also struggled.
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Bitcoin would need to move back through to $10,100 levels to support a run at the first major resistance level at $10,378.67.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $10,223.
Barring a broad-based crypto rally, Wednesday’s high $10,300 and first major resistance level would likely cap any upside.
Failure to hold onto $10,000 levels could see Bitcoin fall deeper into the red. A fall through to $9,950 would bring the first major support level at $9,892.67 into play.
Barring a crypto meltdown, however, Bitcoin should steer clear of sub-$9,800 levels. Of greater importance will be for Bitcoin to steer clear of the 38.2% FIB of $9,734 on the day.