Bitcoin slipped by 0.69% on Wednesday. Following on from a 0.77% fall on Tuesday, Bitcoin ended the day at $8,678.
A particularly bearish start to the day saw Bitcoin fall from a morning high $8,738.1 to an early morning intraday low $8,455.0.
The reversal saw Bitcoin slide through the first major support level at $8,554.7 before finding support.
A late morning rally saw Bitcoin recover to strike an early afternoon intraday high $8,796.5 before easing back to $8,600 levels.
In spite of the late morning rally, Bitcoin fell well short of the first major resistance level at $8,884.2. It was also the first time that Bitcoin failed to touch $8,800 levels since last Saturday.
The 2nd consecutive day in the red left Bitcoin down by 0.59% for the current week, Monday through Wednesday.
Across the top 10 cryptos, it was a mixed bag for the broader market.
Leading the way on the day was Bitcoin Cash SV, rallying 70.3% having returned to the top 10 on Wednesday.
Bitcoin Cash ABC came in a distant second, rising by 4.7%. Binance Coin and Litecoin also saw green, rising by 1.63% and by 0.32% respectively.
Leading the way down on the day was Stellar’s Lumen, which slid by 2.86%.
EOS and Ripple’s XRP also saw red, falling by 1.12% and by 0.88% respectively. Ethereum saw a more modest loss of 0.65% on the day.
For Cardano’s ADA, in spite of being up by 23.7% for the current month, it fell out of the top 10 cryptos by market cap. Cardano’s ADA saw a 5.85% gain for the current week, insignificant when compared with Bitcoin Cash SV’s 97.7% gain.
For the bulls, there’s very little denying that there has been a material shift in sentiment towards the cryptomarket at the turn of the year.
24-hour trading volumes broke back through to $100bn levels on Wednesday before easing back. The upward trend has also seen the total crypto market cap rise from $249bn levels at the start of the week to $276.5bn at the time of writing.
At the time of writing, Bitcoin was up by 0.15% to $8,691.0. Moves through the 1st hour saw Bitcoin fall to a morning low $8,626 before striking a morning high $8,697.0.
Moving through relatively tight ranges, Bitcoin left the major support and resistance levels untested.
Elsewhere, Bitcoin Cash SV and Bitcoin Cash ABC led the way across the top 10. At the time of writing, the pair was up by 9.22% and by 3.87% respectively.
After a shaky start to the day, it’s a sea of green across the majors. Bitcoin looks ready to make a move.
For the day ahead
Bitcoin would need to steer clear of $8,650 levels through the morning to support a reversal of the current week loss.
A move through $8,770 would support a return to $8,800 levels to bring the first major resistance level at $8,831.33 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from $8,800.
In the event of an extended rally through the morning, Bitcoin could take a run at $8,900 levels before any pullback.
Failure to hold above $8,650 levels could see Bitcoin slide back through the early morning low $8,626 to bring $8,500 levels into play.
Barring a crypto meltdown, the first major support level a $8,500 would likely limit any downside on the day.