Bitcoin fell by 0.33% on Wednesday. Partially reversing a 1.06% rise from Tuesday, Bitcoin ended the day at $8,801.1.
A bearish start to the day saw Bitcoin fall from an early morning intraday high $8,849.9 to a mid-morning intraday low $8,730.3.
Bitcoin left the major support and resistance levels untested before recovering to $8,800 levels by late morning.
The bearish sentiment continued into the early afternoon, however, with Bitcoin falling back to sub-$8,000 levels.
Through the latter part of the day, Bitcoin managed to move back through to $8,800 levels to limit the day loss.
For the bulls, the extended bullish trend remained intact in spite of failing to break back through the 38.2% FIB of $9,734. Bitcoin has continued to hold above the 62% FIB of 7,245.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was another mixed day for the majors on Wednesday.
Binance Coin and Tron’s TRX led the way, rising by 1.72% and by 2.30% respectively.
Ethereum and Ripple’s XRP also ended the day in the green, with gains of 0.4% and 0.08% respectively.
It was a bearish day for the rest of the pack, however, with Bitcoin Cash SV falling by 2.16% to lead the way down.
Bitcoin Cash ABC (-1.58%), EOS (-0.21%), Litecoin (-0.93%), and Stellar’s Lumen (-1.65%) saw more modest loses on the day.
Through the current week, the total crypto market cap fell from a current week high $246.9bn to a current week low $237.75bn on Monday. On Tuesday through Wednesday, the market cap fell back to $237.9bn levels before striking a Wednesday high to $241.79bn. At the time of writing, the total market cap stood at $240.68bn.
Bitcoin’s dominance fell back to 65% levels on the day, with Bitcoin under pressure through Wednesday. Trading volumes also fell back to $61bn levels after having recovered to $70bn levels. Last week, 24-hour volumes had also fallen to $61bn levels.
At the time of writing, Bitcoin was down by 0.09% to $8,792.8. A range-bound start to the day saw Bitcoin fall from an early morning high $8,817.4 to a low $8,790.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed bag across the majors.
Binance Coin led the way early on, rising by 1.33%. Stellar’s Lumen (+0.67%) and Ripple’s XRP (+0.19%) also found early support.
It was a bearish start for the rest of the pack, however. Bitcoin Cash SV was the worst performer, with a 0.44% loss.
For the Bitcoin Day Ahead
Bitcoin would need to move through to $8,790 to support a run at the first major resistance level at $8,857.23.
Support from the broader market would be needed, however, for Bitcoin to break out from Wednesday’s high $8,849.9.
Barring a broad-based crypto rally on the day, Bitcoin would likely come up short of $8,900 levels once more.
Failure to move through to $8,790 levels could see Bitcoin slide deeper into the red. A fall back to sub-$8,750 levels would bring the first major support level at $8,737.63 into play.
Barring an extended sell-off, however, Bitcoin should steer clear of the second major support level at $8,674.17.