Bitcoin, BTC to USD, slid by 2.12% on Wednesday. Partially reversing a 4.18% rally from Tuesday, Bitcoin ended the day at $18,727.0.
A bearish start to the day saw Bitcoin fall to a mid-morning low $18,629.0 before making a move.
Steering clear of the first major support level at $18,374, Bitcoin rallied to an early afternoon intraday high and a new swing hi $19,497.0.
Falling short of the first major resistance level at $19,644, Bitcoin slid to a late intraday low $18,500.0.
Continuing to steer clear of the major support levels, Bitcoin moved back through to $18,700 levels to reduce the loss on the day.
The near-term bullish trend remained intact, supported by the latest move through to $19,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $9,920 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a bearish day on Wednesday.
Crypto.com Coin saw a relatively modest 1.35% loss on the day.
In the current week, the crypto total market cap fell to a Monday low $515.94bn before rising to a Tuesday high $593.15bn. At the time of writing, the total market cap stood at $553.36bn.
Bitcoin’s dominance rose to a Monday high 64.75% before sliding to a Tuesday low of 60.81%. At the time of writing, Bitcoin’s dominance stood at 63.19%.
At the time of writing, Bitcoin was up by 0.45% to $18,810.0. A mixed start to the day saw Bitcoin fall to an early morning low $18,625.0 before rising to a high $18,908.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Chainlink (-0.22%), Crypto.com Coin (-2.12%), and Polkadot (-0.27%) were in the red to buck the trend early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Ripple’s XRP was up by 1.82% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the pivot level at $18,908 to bring the first major resistance level at $19,316 into play.
Support from the broader market would be needed for Bitcoin to break back through to $19,000 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another crypto breakout, Bitcoin could test the second major resistance level at $19,905.
Failure to move through the $18,908 pivot would bring the first major support level at $18,319 into play.
Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$18,000 levels. The second major support level sits at $17,911.