Bitcoin rose by 2.79% on Wednesday. Partially reversing a 12.9% tumble from Tuesday, Bitcoin ended the day at $9,682.6.
A relatively bearish start to the day saw Bitcoin fall to a late morning intraday low $9,084.7 before finding support.
Steering well clear of the first major support level at $8,846.87, Bitcoin bounced back to a late afternoon intraday high $9,975.
In spite of the afternoon rally, Bitcoin came up short of the first major resistance level at $10,505.87. Of greater significance, however, was a move back through the 38.2% FIB of $9,734, before a final hour pullback.
Wednesday’s gain was just the 3rd in the last 8-days as the bears look to claw their way back.
In spite of the sell-off that kicked in on 10th July, the extended bullish trend remained intact. Bitcoin will need to steer clear of the 62% FIB of $7,245 and move back through to $10,000 levels to avoid a resumption of the extended bearish trend.
Across the top 10 cryptos, it was a sea of green for the majors, with Litecoin leading the way ahead of this summer’s halving event.
Litecoin surged by 13.19% on the day, with Binance Coin and Tron’s TRX not far behind, rallying by 10.66% and 9.18% respectively.
Bitcoin Cash SV (7.83%), Ethereum (6.49%), Ripple’s XRP (5.33%) and EOS (4.82%) also saw solid gains on the day.
Bitcoin Cash ABC trailed the pack on the day, rising by just 1.97%
Bitcoin’s dominance held onto 65% levels in spite of Bitcoin’s modest gains on the day. The broad-based crypto rally led the total market cap from a Wednesday low $248.42bn to $270.53bn at the time of writing.
Trading volumes stood at $82.23bn at the time of writing, easing back from $94bn levels hit during the Wednesday session.
At the time of writing, Bitcoin was up by 1.99% to $9,875.6. A bearish start to the day saw Bitcoin fall to an early morning low $9,560.3.
Steering well clear of the first major support level at $9,186.53, Bitcoin struck a morning high $10,000 before easing back.
Whilst coming up short of the first major resistance level at $10,076.83, Bitcoin broke through the 38.2% FIB of $9,734.
Elsewhere, Bitcoin Cash ABC and Bitcoin Cash SV were leading the way, with gains of 4.95% and 7.83% respectively.
Tron’s TRX (4.32%), Litecoin (3.52%) and Ethereum (+3.56%) were also on move early on.
Ripple’s XRP trailed the pack through the morning, rising by just 1.1% at the time of writing.
For the day ahead
Bitcoin would need to hold above the 38.2% FIB of $9,734 to bring $10,000 levels back into play.
Support from the broader market would be needed, however, to give Bitcoin a run at the first major resistance level at $10,076.83.
In the event of an extended crypto rally, Bitcoin could eye up the second major resistance level at $10,471.07 before any pullback.
Failure to hold above the 38.2% FIB of $9,734 could lead to a slide through to sub-$9,600 levels. A fall through to $9,570 levels would bring the first major support level at $9,186.53 into play.
Barring a crypto meltdown, however, the 38.2% FIB of $9,734 should limit the downside on the day.