Bitcoin slipped by 0.47% on Wednesday. Following on from a 0.66% fall on Tuesday, Bitcoin ended the day at $8,126.4.
A mixed start to the day saw Bitcoin rise to an early morning high $8,191.0 before hitting reverse.
Falling well short of the first major resistance level at $8,256.37, Bitcoin slid to a late morning intraday low $8,081.0.
In spite of the pullback, Bitcoin steered clear of the first major support level at $8,062.57.
Through the 2nd half of the day, Bitcoin bounced back to a late afternoon intraday high $8,257.8.
Bitcoin briefly broke through the first major resistance level at $8,256.37 before sliding back to sub-$8,100 levels.
A late move back through to $8,100 levels limited the downside on the day.
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 also bearish for the majors on Wednesday.
Bitcoin Cash SV led the way down once more, falling by 3.62%.
Binance Coin (-2.16%), Stellar’s Lumen (-2.94%), and Tron’s TRX (-2.53%) also saw relatively heavy losses.
Bitcoin Cash ABC (-0.10%), EOS (-1.19%), Ethereum (-0.80%), Litecoin (-0.36%), Ripple’s XRP (-1.65%) saw more modest losses on the day.
The bearish start to the week saw the total crypto market cap fall from a Monday high $237.09bn to a Wednesday low $219.77bn. At the time of writing, the total market cap stood at $219.97bn.
Bitcoin’s dominance fell back to sub-66% levels on the day. Trading volumes also eased back, with 24-hour volumes falling from $73bn levels to sub-$70bn on Wednesday.
At the time of writing, Bitcoin was down by 0.15% to $8,114.1. A bearish start to the day saw Bitcoin fall from an early morning high $8,126.4 to a low $8,110.7.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a bearish start to the day, with Binance Coin falling by 0.88% to lead the way down.
EOS (-0.37%), Ethereum (-0.33%), Litecoin (-0.42%), Ripple’s XRP (-0.61%), Stellar’s Lumen (-0.12%), and Tron’s TRX (-0.12%) were also in the red.
For the Bitcoin Day Ahead
Bitcoin would need to move through to $8,155 levels to support a run at the first major resistance level at $8.229.13.
Support from the broader market would be needed, however, for Bitcoin to break through to $8,200 levels.
Barring a broad-based crypto rebound, the first major resistance level and Wednesday high $8,257.8 would likely limit any upside.
In the event of a breakout, the second major resistance level at $8,331.87 would likely pin Bitcoin back from $8,500 levels for a 3rd consecutive day.
Failure to move through to $8,155 levels could see Bitcoin slid deeper into the red.
A fall back through to sub-$8,100 levels would bring the first major support level at $8.052.33 into play.
Barring an extended sell-off through the day, however, Bitcoin should steer clear of sub-$8,000 levels.