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Falling short of the first major resistance level at $45,028, Bitcoin tumbled to a mid-morning current day low $38,651.0.
The extended sell-off saw Bitcoin fall through the 38.2% FIB of $41,592 and the first major support level at $41,544.
More significantly, however, Bitcoin fell through the second major support level at $40,188 to return to sub-$40,000 levels.
Bitcoin had last seen sub-$40,000 on 8th February, where Bitcoin had been well into an extended bull run that kicked off from a 13th March 2020 swing low $4,000.0.
The near-term bullish trend remains intact in spite of the latest slide back to sub-$40,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $27,237 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it has been a mixed day first half of the day on Wednesday.
Polkadot bucked the trend through the morning. Recovering from an early pullback, Polkadot was up by 4.63% at the time of writing.
It’s been a particularly bearish morning elsewhere, however.
At the time of writing, Binance Coin and Cardano’s ADA were down by 17.43% and by 16.40% to lead the way down.
Things were not much better elsewhere.
Ethereum (-15.64%), Litecoin (-11.90%), and Ripple’s XRP (-12.62%) were also deep in the red alongside Chainlink (-15.81%) and Crypto.com Coin (-10.74%).
Relative to the broader market, Bitcoin Cash SV was down by a more modest 6.90%.
Through the course of the morning, the crypto total market tumbled from an early morning high $2,036bn to a low $1,742bn. At the time of writing, the total market cap stood at $1,763bn.
Bitcoin’s dominance fell to an early low 39.85% before rising to a high 41.77%. At the time of writing, Bitcoin’s dominance stood at 41.44%.
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