Bitcoin, BTC to USD, fell by 3.72% on Wednesday. Reversing a 0.49% gain from Tuesday, Bitcoin ended the day at $52,328.0.
A mixed start to the day saw Bitcoin fall to an early morning low $53,580.0 before making a move.
Steering clear of the major support levels, Bitcoin rallied to an early afternoon intraday high $57,212.0.
Bitcoin broke through the first major resistance level at $55,735 before sliding to a late intraday low $51,522.0.
The extended sell-off saw Bitcoin fall through the first major support level at $52,825 and the second major support level at $51,313.
Steering clear of sub-$50,000 levels, Bitcoin broke back through the second major resistance level to end the day at $52,300 levels.
The near-term bullish trend remained intact in spite of the latest pullback. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 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.
Crypto.com Coin rallied by 13.41% to buck the trend on the day.
It was a bearish day for the rest of the majors, however.
In the current week, the crypto total market rose to a Monday high $1,802bn before sliding to a Wednesday low $1,549bn. At the time of writing, the total market cap stood at $1,592bn.
Bitcoin’s dominance fell to a Tuesday low 60.20% before rising to a Wednesday high 62.24%. At the time of writing, Bitcoin’s dominance stood at 61.49%.
At the time of writing, Bitcoin was up by 0.04% to $52,349.0. A mixed start to the day saw Bitcoin fall to an early morning low $52,046.0 before rising to a high $52,810.2.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Chainlink (+0.60%), Ethereum (+0.15%), Litecoin (+0.23%), and Ripple’s XRP (+0.95%) joined Bitcoin in the green.
It was a bearish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was down by 8.19% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the pivot level at $53,687 to bring the first major resistance level at $55,853 into play.
Support from the broader market would be needed for Bitcoin to break back through to $55,000 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $56,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $59,377.
Failure to move through the $53,687 pivot would bring the first major support level at $50,163 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of the 23.6% FIB of $48,082. The second major support level sits at $47,997.