Bitcoin fell by 0.33% on Wednesday. Following on from a 1.69% decline on Tuesday, Bitcoin ended the day at $7,230.7.
A relatively bullish start to the day saw Bitcoin rise to an early morning intraday high $7,312.0.
Falling short of the first major resistance level at $7,392.8, Bitcoin slid to a mid-afternoon intraday low $7,169.0.
Steering clear of the first major support level at $7,158.2, Bitcoin recovered to $7,200 levels to limit the downside on the day.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin on the back foot in the current week.
For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was a bearish day for the majors.
Ethereum and Stellar’s Lumen fell by 1.55% and by 1.49% to lead the way down on Wednesday.
Bitcoin Cash SV (-0.91%), EOS (-1.12%), Litecoin (-1.07%), and Ripple’s XRP (-0.88%) also saw relatively heavy losses.
Binance Coin saw a more modest 0.2% loss on the day.
Support late in the day reversed heavier losses from earlier in the day, painting a rosier picture for the pack.
Through the first half of the week, the crypto total market cap rose to a Monday high $206.02bn sliding back to sub-$200bn levels. At the time of writing, the total market cap stood at $195.16bn.
Bitcoin’s dominance held at sub-67% levels on the day, with Bitcoin struggling alongside the broader market on Wednesday. The continued sell-off failed to draw in sidelined investors, with trading volumes easing back from $60bn levels earlier in the day.
At the time of writing, Bitcoin was down by 1.10% to $7,151.1. A particularly choppy start to the day saw Bitcoin rise to an early morning high $7.369.0 before sliding to a low $7,150.0.
Bitcoin broke through the first major resistance level at $7,305.47 before sliding through the first major support level at $7,162.47.
Elsewhere, it was a sea of red across the crypto board.
Binance Coin and Ethereum led the way down in the first hour, with losses of 1.61% and 1.34% respectively.
Bitcoin Cash ABC (-0.61%), Bitcoin Cash SV (-0.62%), EOS (-0.53%), Litecoin (-0.78%), and Ripple’s XRP (-0.77%) also struggled.
Stellar’s Lumen saw a modest loss early on, down by just 0.03%.
For the Bitcoin Day Ahead
A move back through to $7,240 levels would support another run at the first major resistance level at $7,305.47.
Bitcoin would need the support of the broader market, however, to break out from the first major support level at $7,162.47.
Barring a broad-based crypto rebound, resistance at $7,300 would likely limit any upside on the day.
Failure to move back through to $7,240 levels would likely see Bitcoin spend a 4th consecutive day in the red.
A pullback through to sub-$7,150 levels would bring the second major support level at $7,094.23 into play.
Barring an extended sell-off through the day, Bitcoin should steer clear of sub-$7,000 levels, however.