Bitcoin rose by 0.42% on Wednesday. Consolidating the 8.36% rally from Tuesday, Bitcoin ended the day at $8,807.7.
A choppy start to the day saw Bitcoin fall from an early high $8,859.7 to a mid-morning intraday low $8,560.1.
Steering clear of the first major support level at $8,302.6, Bitcoin bounced back to an early afternoon intraday high $8,731.1.
Falling short of the first major resistance level at $9,035.8, Bitcoin slipped into the red before finding late support.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of the upward momentum.
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 mixed day for the majors.
Bitcoin Cash SV led the way down, sliding by 25.95% after Tuesday’s whopping 145% rally.
Bitcoin Cash ABC (-3.50%), EOS (-0.67%), Litecoin (-0.48%), and Ripple’s XRP (-0.06%) also saw red.
It was a bullish day for the rest of the majors, however.
Monero’s XMR led the way, rallying by 8.89%.
Binance Coin (+6.20%), Ethereum (+0.33%), Stellar’s Lumen (+4.29%), and Tron’s TRX (+3.70%) also found strong support.
Through the current week, the crypto total market cap rose from a low $215.38 to a current week high $244.24bn on Tuesday. A pullback in the early hours of this morning, however, saw the market cap fall back to sub-$240bn levels. At the time of writing, the total market cap stood at $235.22bn.
Bitcoin’s dominance moved back through to 66% levels after the mixed day on Wednesday and heavy losses this morning. Trading volumes continued to rise, hitting $177bn levels on Wednesday before easing back. At the time of writing, 24-hr volumes stood at $137.03bn.
At the time of writing, Bitcoin was down by 1.75% to $8,653.7. A bearish start to the day saw Bitcoin slide from an early morning high $8,839.9 to a low $8,600.0.
Steering clear of the major resistance levels, Bitcoin tested the first major support level at $8,621.1 early on.
Elsewhere, it was a sea of red across the crypto-board, with Bitcoin Cash SV sliding by 6.75% to lead the way.
Binance Coin (-4.97%), Bitcoin Cash ABC (-4.86%), Monero’s XMR (-4.78%), Stellar’s Lumen (-4.24%), and Tron’s TRX (-4.77%) also saw heavy losses.
Ethereum (-2.95%), EOS (-3.90%), Litecoin (-3.22%), and Ripple’s XRP (-3.42%) saw more modest losses early on.
For the Bitcoin Day Ahead
Bitcoin would need to move back through to $8,750 to support a run at the first major resistance level at $8,933.3.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $8,839.9.
Barring a broad-based extended crypto rally on the day, the first major resistance level at $8,933.3 and Wednesday high $8,872.3 would likely cap any upside.
Failure to break back through to $8,746.7 could see Bitcoin fall deeper into the red.
A fall back through the first major support level at $8,621.10 would bring the second major support level at $8,434.5 into play.
Barring a crypto meltdown, however, Bitcoin should avoid sub-$8,500 levels on the day.