Bitcoin rallied by 4.91% on Wednesday. Reversing a 0.27% decline from Tuesday, Bitcoin ended the day at $8,607.5.
A bearish start to the day saw Bitcoin fall to an early morning intraday low $8,146.6 before finding support.
Steering clear of the first major support level at $8,104.47, Bitcoin rallied to a late afternoon intraday high $8,719.2.
Bitcoin broke through the day’s major resistance levels before easing back late in the day.
The ease back saw Bitcoin fall through the third major resistance level at $8,691.83.
For the bulls, the extended bullish trend remained intact in spite of the slide to sub-$9,000 levels. While falling back through the 38.2% FIB, Bitcoin continued to hold above the 62% FIB of 7,245.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was a sea of green for the majors on Wednesday.
Binance Coin and Bitcoin Cash SV led the way, with gains of 10.79% and 9.95% respectively.
Ethereum and Litecoin also made good ground on the day, rising by 6.93% and by 3.98% respectively.
Bitcoin Cash ABC (+2.98%), EOS (+2.62%), Stellar’s Lumen (+1.94%) and Ripple’s XRP (+1.23%) trailed on the day.
Through the day, the total crypto market cap recovered from a Wednesday low $221.13bn to a high $232.48bn before easing back. At the time of writing, the total market cap stood at $232.02bn.
Bitcoin’s dominance held back to sub-67% levels in spite of Wednesday’s rally. Stronger gains amongst some of the majors pinned back Bitcoin’s dominance levels on the day.
On the news front, news of UNICEF launching a cryptocurrency fund was positive. Under the fund, the organization will be able to receive, hold and grant cryptocurrencies. The decision further cements the cryptocurrency world’s status as a viable alternative to fiat money.
At the time of writing, Bitcoin was up by just 0.03% to $8,610.0. Upward momentum from late Wednesday continued into this morning. Bitcoin rose from a morning low $8,607.4 to a high $8,634.0 before easing back.
Bitcoin left the major support and resistance levels untested.
Elsewhere, Stellar’s Lumen found strong support early on, rising by 0.94%, with Binance Coin (+0.32%) also in the green.
It was red for the rest of the pack, however, with Bitcoin Cash SV leading the way down with a 1.47% slide.
For the Bitcoin Day Ahead
Bitcoin would need to move back through Wednesday’s high $8,719.2 to support a run at the first major resistance level at $8,835.60.
Support from the broader market would be needed, however, for Bitcoin to break back through to $8,700 levels.
Barring a broad-based crypto rally on the day, we would expect resistance at $8,000 to pin Bitcoin back.
In the event of another breakout, $9,000 levels and the second major resistance level at $9,063.7 could come into play.
Failure to move back through to $8,700 levels could see Bitcoin come under pressure later in the day.
A fall back through to sub-$8,500 levels would bring the first major support level at $8,263 into play.
Barring a crypto meltdown, however, Bitcoin would likely steer well clear of Wednesday’s low $8,146.6.