It is yet another bearish day for BTC and the total crypto market, following another day of a market bloodbath. For now, Bitcoin has to revisit the levels at $43,000 or encounter another plummet.
BTC at the Moment
Bears control the crypto market after the massive bearish that overtook Tuesday. While writing this content, Bitcoin (BTC-USD) trades at $42,340 after gaining 3.91%. Meanwhile, early sessions on Wednesday had the flagship crypto declining to $40,601 before securing grounds.
Keeping away the initial support zone at $39,076 witnessed Bitcoin climbing to $42,744, its late morning peak. Despite the slight recovery, Bitcoin failed to conquer the initial critical resistance at $43,023. The dominant cryptocurrency appears to see extended losses after the fears about China’s Evergrande debt.
Other Cryptocurrencies
The cryptocurrency market trades in mixed sessions today. During early sessions, Crypto.com Coin lost 4.49%, supporting its early trend. Meanwhile, some token witnessed bullish actions. While writing this article, ADA (7.83%) and XRP (7.72%) lead the day’s gainers.
Other altcoins that claimed support are BNB (+5.39%), BCH (+3.70), DOT ($.57%), LTC (+4.24%), ETH (+6.28%), and LINK (+4.24%). Keep in mind that the alt market suffered most during the latest market crash.
On the other hand, the global market capitalization declined to $1.809 trillion on Wednesday before climbing to $1.908 trillion. At this publication, the total crypto cap stands at $1.899 trillion. Meanwhile, BTC’s dominance surged to a morning high of 42.59% before dropping to 42.03%. While writing this content, BTC dominance stands at 42.02%.
Bitcoin’s Day Ahead
For now, BTC has to keep away the 38.2% Fibonacci at $41,592 and pivot at $41,350 to test the initial resistance at $43,022. Broad market support is essential for BTC to recover past the morning peak at $42,744.
Without an overall crypto market rebound, the initial crucial resistance might prevent Bitcoin’s uptrends. If the afternoon registers upside trends, Bitcoin will tests the resistance zone at $45,000 before pullbacks. The 2nd resistance level stands at $45,297.
If the asset dips towards the 38.2% Fibonacci at $41,592 and pivot at $41,350, BTC will hit the initial support at $39,076. Meanwhile, excluding continuous crashes during afternoon sessions will have BTC avoiding the support at sub-$39,000.
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