Bitcoin rose by 0.97% on Wednesday. Following a 0.03% decline on, Bitcoin ended the day at $8,414.9.
A bearish start to the day saw Bitcoin slide to a mid-morning intraday low $8,193.
Finding support at the first major support level at $8,195.5, Bitcoin recovered to $8,300 levels by mid-day.
Falling well short of the major resistance levels, Bitcoin fell back to $8,200 levels before a late in the day rally.
The late recovery saw Bitcoin strike a final hour intraday high $8,420. In spite of the late breakout, Bitcoin fell well short of the first major resistance level at $8,506.8.
For the bulls, the extended bullish trend remained intact in spite of the slide to sub-$9,000 levels. While falling back through the 38.2% FIB, Bitcoin continued to steer clear of the 62% FIB of 7,245.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was mostly green across the crypto-board on Wednesday.
Stellar’s Lumen led the way, rising by 2.68%, with Ethereum and EOS up by 2.66% and 2.25% respectively.
Ripple’s XRP and Litecoin also managed to find support, rising by 2.03% and by 1.07% respectively.
Binance Coin bucked the trend on the day, falling by 0.13%.
Through the start of the month, the total crypto market cap fell back from a Tuesday high $225.96bn to a Wednesday low $218.49bn before the majors found support. At the time of writing, the total market cap stood at $222.54bn.
Bitcoin’s modest gain left Bitcoin’s dominance largely unchanged on the day. At the time of writing, Bitcoin’s dominance stood at 67.6%.
At the time of writing, Bitcoin was down by 0.36% to $8,385.0. A bearish start to the day saw Bitcoin fall from an early morning high $8,440 to a low $8,356.8.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Bitcoin Cash ABC bucked the trend early on, rising by 0.18%.
It was red for the rest of the pack. Stellar’s Lumen and EOS led the way down with losses of 1.16% and 0.7% respectively.
For the Bitcoin Day Ahead
Bitcoin would need to move back through to $8,400 levels to support a run at the first major resistance level at $8,492.27.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $8,440.
In the event of a rebound, the second major resistance level at $8,569.63 would likely come into play.
Barring a broad-based crypto rally, however, the morning high and first major resistance level would likely cap any upside.
Failure to move back through to $8,400 levels could see Bitcoin slide back to sub-$8,300 levels before any recovery.
Barring an extended sell-off through the day, the first major support level at $8,265.27 would likely limit any downside.