Bitcoin rose by 1.44% on Wednesday. Following on from a 5.55% gain on Tuesday, Bitcoin ended the day at $5,416.2.
A mixed start to the day saw Bitcoin rise to an early morning high $5,459.3 before hitting reverse.
Falling short of the major resistance levels, Bitcoin slid to a late morning intraday low $5,033.0.
The reversal saw Bitcoin come within range of the first major support level at $5,006.0.
Finding support from the broader market, Bitcoin rallied to an early afternoon intraday high $5,488.0 before easing back.
Falling short of the first major resistance level at $5,622.5, Bitcoin fell back to sub-$5,200 levels and into the red before a late rebound.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, reaffirmed by last Friday’s swing lo $4,000.
For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was also a bullish day for the majors on Wednesday.
Bitcoin Cash SV led the way, rallying by 2.7%. Ethereum (+2.19%), Monero’s XMR (+2.00%), and Tezos (+2.38%) weren’t far behind…
Binance Coin (+1.07%), Bitcoin Cash ABC (+0.73%), Cardano’s ADA (+0.81%), EOS (+1.68%), Litecoin (+1.96%), and Tron’s TRX (+1.00%) also found support.
Stellar’s Lumen bucked the trend on the day, falling by 1.59%.
Through the first half of the week, the crypto total market cap hit a Monday high $164.76bn before sliding to a low $131.81bn. The upward momentum on Tuesday and Wednesday saw the market cap recover to $153.9bn levels before easing back. At the time of writing, the total market cap stood at $152.23bn.
Bitcoin’s dominance returned to 64% levels in Monday’s market sell-off before easing back as the broader market found support. At the time of writing, Bitcoin’s dominance stood at 63.5%.
Trading volumes jumped from sub-$110bn levels to $162bn levels before sliding back. At the time of writing, 24-hr volumes stood at $124.64bn.
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At the time of writing, Bitcoin was down by 2.26% to $5,293.7. A mixed start to the day saw Bitcoin rise to an early morning high $5,475.0 before sliding to a low $5,274.5.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Stellar’s Lumen bucked the trend early on, rising by 0.50%.
It was a bearish start to the day for the rest of the pack, with Bitcoin Cash SV sliding by 4.16% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move back through to $5,310 levels to bring the first major resistance level at $5,591.8 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from Wednesday’s high $5,488.0.
Barring a broad-based crypto breakout, resistance at $5,500 levels would likely leave Bitcoin short of the first major resistance level.
Failure to move through to $5,310 levels could see Bitcoin struggle throughout the day.
A fall back through to sub-$5,250 levels would bring the first major support level at $5,136.8 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$5,000. In the event of an extended sell-off, the second major support level at $4,857.4 would likely come into play.