FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
31,480,584Confirmed
969,290Deaths
23,109,715Recovered
Fetching Location Data…
Advertisement
Advertisement
Bob Mason
Bitcoin coin on white keyboard

Bitcoin, BTC to USD, rose by 1.70% on Wednesday. Reversing a 1.02% fall from Tuesday, Bitcoin ended the day at $11,117.

It was another mixed start to the day. Bitcoin fell to an early morning intraday low $10,851 before making a move.

Steering clear of the first major support level at $10,594, Bitcoin rallied to a late intraday high $11,355.

Bitcoin broke through the first major resistance level at $11,267 before easing back to sub-$11,200 levels.

The late pullback saw Bitcoin fall back through the first major resistance level at $11,267.

The near-term bullish trend remained intact, supported by the latest move 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 a mixed day on Wednesday.

Cardano’s ADA slid by 6.46% to lead the way down.

Bitcoin Cash SV (-2.54%), Monero’s XMR (-2.76%), and Stellar’s Lumen (-2.36%) also saw relatively heavy losses.

Binance Coin (-1.53%), Bitcoin Cash ABC (-1.06%), Litecoin (-1.20%), Tezos (-1.88%) and Tron’s TRX (-0.12%) saw more modest losses on the day.

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

Ripple’s XRP rallied by 5.57% to lead the way.

EOS (+0.79%) and Ethereum (+0.20%) also found support.

In the current week, the crypto total market cap rose from a Monday low $285.49bn to a Monday high $335.81bn. At the time of writing, the total market cap stood at $318.81bn.

Bitcoin’s dominance rose from a Monday low 62.43% to a Tuesday high 64.57% before easing back. At the time of writing, Bitcoin’s dominance stood at 64.14.

Advertisement

This Morning

At the time of writing, Bitcoin was down by 0.35% to $11,077.8. A bearish start to the day saw Bitcoin fall from an early morning high $11,117.4 to a low $11,004.0.

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

Elsewhere, it was a mixed start to the day.

At the time of writing, Monero’s XMR and Bitcoin Cash SV were up by 1.04% and 0.92% respectively to lead the way.

Binance Coin (+0.05%), Ethereum (+0.16%), and Stellar’s Lumen (+0.23%) also found early support.

It was a bearish start for the rest of the majors, with Ripple’s XRP down by 1.10% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $11,116 pivot to support a run at the first major resistance level at $11,380.

Support from the broader market would be needed, however, for Bitcoin to break out from Wednesday’s high $11,355.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $11,601.

Failure to move through the $11,116 pivot level would bring the first major support level at $10,852 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,800 levels and the second major support level at $10,588.

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