Bitcoin fell by 0.78% on Wednesday. Following on from a 0.96% decline on Tuesday, Bitcoin ended the day at $7,220.1.
A relatively range-bound start to the day saw Bitcoin recover from a mid-morning low $7,222.7 to a morning high $7,289.4.
Steering clear of the major resistance levels, Bitcoin slid to a late afternoon intraday low $7,113.2.
Bitcoin fell through the first major support level at $7,157.67 before striking a late afternoon intraday high $7,294.2.
Falling short of the first major resistance level at $7,420.57, Bitcoin fell back to close out the day in the red.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of Bitcoin continuing to hold onto $7,000 levels.
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.
Tezos slid by 5.81% to lead the way down.
Binance Coin (-2.10%), EOS (-2.36%), Ethereum (-2.12%), and Tron’s TRX (-2.22%) also saw relatively heavy losses.
Bitcoin Cash ABC (-1.18%), Bitcoin Cash SV (-0.97%), Litecoin (-0.62%), Ripple’s XRP (-1.11%), and Stellar’s Lumen (-1.17%) saw more modest losses on the day.
Through the early part of the week, the crypto total market cap hit a Monday high $200.48bn before sliding to a low $190.10bn on Wednesday. At the time of writing, the total market cap stood at $191.85bn.
Bitcoin’s dominance continued to sit at 68% levels on Wednesday. Trading volumes hit $90bn levels on Monday before easing back to sub-$70bn levels.
At the time of writing, Bitcoin was up by 0.08% to $7,225.8. A range-bound start to the day saw Bitcoin rise from an early morning low $7,220.0 to a high $7,232.7.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Binance Coin (+0.07%), Bitcoin Cash SV (+0.64%), EOS (+0.06%), Ripple’s XRP (+0.16%), and Tezos (+0.03%) also saw green.
Ethereum (-0.02%), Litecoin (-0.42%), Stellar’s Lumen (-0.56%), and Tron’s TRX (-0.36%) struggled, however.
For the Bitcoin Day Ahead
Bitcoin would need to steer clear of sub-$7,210 levels to support a run at the first major resistance level at $7,305.13.
Support from the broader market would be needed, however, for Bitcoin to break out from Wednesday’s high $7,294.2
Barring an extended rally throughout the day, resistance at $7,300 would likely continue to cap any upside on the day.
Failure to steer clear of sub-$7,210 levels could see Bitcoin hit reverse.
A fall back through to sub-$7,200 levels would bring the first major support level at $7,124.13 into play.
Barring a broad-based sell-off, however, Bitcoin should steer clear of the second major support level at $7,028.17.