FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
31,490,311Confirmed
969,362Deaths
23,119,419Recovered
Fetching Location Data…
Advertisement
Advertisement
Bob Mason
bitcoin with us dollars and calculator

Bitcoin, BTC to USD, rose by 1.60% on Wednesday. Following on from a 1.00% gain on Tuesday, Bitcoin ended the day at $10,971.3.

It was a bearish start to the day. Bitcoin fell to an early morning intraday low $10,682.0 before making a move.

Steering clear of the first major support level at $10,647, Bitcoin rallied to a late afternoon intraday high $11,105.0.

Bitcoin broke through the first major resistance level at $10,946 and the second major resistance level at $11,094.

A late pullback, however, saw Bitcoin fall back through the second major resistance level to wrap up the day at sub-$11,000 levels.

The near-term bullish trend remained intact, supported by the latest move back through to $11,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was another mixed day on Wednesday.

Binance Coin (+2.73%), EOS (+0.30%), Ethereum (+0.32%), Ripple’s XRP (+1.66%), and Stellar’s Lumen (+2.71%) joined Bitcoin in the green.

It was a bearish day for the rest of the majors, however.

Tron’s TRX and Monero’s XMR led the way down, with losses of 3.19% and 5.15% respectively.

Bitcoin Cash ABC (-0.55%), Bitcoin Cash SV (-2.93%), Cardano’s ADA (-1.63%), Litecoin (-1.20%), and Tezos (-1.21%) also struggled.

In the current week, the crypto total market fell to a Monday low $314.21bn before rising to a Tuesday high $337.85bn. At the time of writing, the total market cap stood at $335.17bn.

Bitcoin’s dominance rose from a Monday low 59.64% to a Wednesday high 61.56%. At the time of writing, Bitcoin’s dominance stood at 60.87%.

Advertisement

This Morning

At the time of writing, Bitcoin was up by 0.74% to $11,052.7. A bullish start to the day saw Bitcoin rise from an early morning low $10,947.1 to a high $11,069.2.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was also a bullish start to the day for the crypto majors.

At the time of writing, Ethereum and Ripple’s XRP were up by 3.77% and by 3.59% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $10,919 pivot level to support a run at the first major resistance level at $11,157.

Support from the broader market would be needed, however, for Bitcoin to breakout from Wednesday’s high $11,105.0.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $11,342 before any pullback.

Failure to avoid a fall through the $10,919 pivot would bring the first major support level at $10,734 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,700 levels. The second major support level sits at $10,496.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Trade With A Regulated Broker

  • Your capital is at risk