Bitcoin gained 3.4% on Wednesday. Reversing a 1.41% fall from Tuesday, Bitcoin ended the day at $8,174.00.
A relatively choppy saw Bitcoin fall to an early morning intraday low $7,821.0 before finding support.
Steering well clear of the first major support level at $7,728.0, Bitcoin rallied to an early afternoon intraday high $8,250.0.
The early afternoon rally saw Bitcoin break through the first major resistance level at $8,066.
Bitcoin’s second major resistance level at $8,226.50 limited the upside on the day. Easing back through the afternoon, Bitcoin fell to sub-$8,100 levels before finding support.
For the Bitcoin bulls, it was just a 2nd hold onto $8,000 levels since 3rd June.
Across the top 10 cryptos, it was a mixed day for the majors.
Bucking the trend on the day, but for the wrong reasons, was Litecoin. A late rally left Litecon flat for the day. Profit taking weighed after striking a new swing hi $144.34 in the early afternoon. Litecoin had seen gains of 13% and 5.1% on Monday and Tuesday.
For the rest of the 10, it was a sea of green. Leading the way on the day was Binance Coin, which rallied by 9.5%. Ethereum (+7.24%) and Stellar’s Lumen (+5.37%) also saw solid gains on the day.
A lackluster week for Stellar’s Lumen and Cardano ADA’s (9.88%) rally on Wednesday saw the pair trade place for the number 10 spot.
The Wednesday rally saw the total crypto market cap rise from $254bn levels to $261bn levels on the day. 24-hour trading volumes were also up, rising from $59bn levels to $66bn levels.[fx-article-ad]
At the time of writing, Bitcoin was down by 0.48% $8,134.5. Bitcoin rose to an early morning high $8,200 before sliding to a morning low $8,111.0.
In spite of the early moves, Bitcoin left the major support and resistance levels untested early on.
Elsewhere, joining Bitcoin in the red were Litecoin (-0.87%), Stellar’s Lumen (-0.45%), Ethereum (-0.89%), Binance Coin (-0.63%) and Cardano’s ADA (-1.74%).
Finding support was Bitcoin Cash ABC (+1.78%), with EOS (+1.4%), and Ripple’s XRP (+0.85%) also in the green.
[fx-image src=https://www.tradingview.com/x/R6JV6hnQ/ originalWidth=761 ratio=1.3 data-zoom-target=https://www.tradingview.com/x/R6JV6hnQ/]
Bitcoin would need to hold onto $8,100 levels through the morning to support a bounce back later in the day.
A move back through to $8,200 levels would bring Wednesday’s high $8,250 into play before any pullback.
Support from the broader market would be needed, however, for Bitcoin to break through to $8,300 levels.
Barring a broad-based crypto rally, Bitcoin would likely leave the first major resistance level at $8,342.33 untested.
Failure to hold onto $8,100 levels could see Bitcoin slide deeper into the red. A fall through the morning low $8,111.0 would bring sub-$8,000 levels into play before any recovery.
A broad-based crypto sell-off would bring the first major support level at $7,913.33 into play before any recovery.
Barring a crypto meltdown, however, Bitcoin would likely steer clear of sub-$7,800 levels for a 2nd consecutive day.