Bitcoin rallied by 4.12% on Wednesday. Reversing a 0.62% fall from Tuesday, Bitcoin ended the day at $9,210.3.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $8,822.2 before making a move.
Steering clear of the first major support level at $8,695.83, Bitcoin rallied to a mid-afternoon intraday high $9,225.0.
Bitcoin broke through the first major resistance level at $9,004.23 and second major resistance level at $9,162.97 before pulling back.
A late pullback saw Bitcoin fall through the second major resistance level to sub-$9,100 levels before finding support. The late support led to a move back through the second major resistance level to wrap up the day at $9,200 levels.
The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.
For the bulls, Bitcoin would need to break out from the 62% FIB of $10,034 to form a near-term bullish trend.
The Rest of the Pack
Across the rest of the majors, it was a bullish day for the majors on Wednesday.
Bitcoin Cash SV rallied by 4.50% to lead the way.
Ethereum (+3.75%), Litecoin (+3.79%), Monero’s XMR (+3.79%) were close behind.
Cardano’s ADA (+2.86%), EOS (+2.49%), and Ripple’s XRP (2.19%) and also found strong support.
Binance Coin (+1.73%), Bitcoin Cash ABC (+1.53%), Stellar’s Lumen (+1.59%), Tezos (+0.55%), and Tron’s TRX (+0.58%) saw modest gains.
In the current week, the crypto total market cap fell to an early Monday low $238.04bn before rising to a Wednesday high $252.95bn. At the time of writing, the total market cap stood at $251.86bn.
Bitcoin’s dominance fell to a Monday low 66.38% before rising to a Wednesday high 67.09%. At the time of writing, Bitcoin’s dominance stood at 67.04%.
At the time of writing, Bitcoin was down by 0.29% to $9,183.7. A bearish start to the day saw Bitcoin fall from an early morning high $9,219.7 to a low $9,169.9.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Monero’s XMR avoided the red, with a gain of 0.12%.
It was red the rest of the majors, however, with Ethereum down by 0.38%, at the time of writing, to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid sub-$9,090 levels to bring the first major resistance level at $9,349.47 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from the Wednesday’s high $9,225.0.
Barring an extended crypto rally, the first major resistance level would likely limit any upside.
In the event of another extended crypto rally, the second major resistance level at $9,488.43 and $9,500 levels would likely come into play.
Failure to avoid sub-$9,090 levels could see Bitcoin fall deeper into the red.
A fall back through to sub-$9,090 levels would bring the first major support level at $8,946.67 into play.
Barring another extended crypto sell-off, however, Bitcoin should steer well clear of the second major support level at $8,683.03.