Bitcoin, BTC to USD, fell by 3.50% on Wednesday. Following on from a 1.95% decline on Tuesday, Bitcoin ended the day at $55,962.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $58,639.0 before hitting reverse.
Falling short of the first major resistance level at $59,193, Bitcoin fell to a late intraday low $55,555.0.
The extended sell-off saw Bitcoin fall through the first major support level at $57,095 and the second major support level at $56,199.
Steering clear of sub-$55,000 levels, Bitcoin briefly revisited $56,500 levels before falling back through the second major support level.
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 bearish day on Wednesday.
It was a bearish day for the rest of the majors, however.
In the current week, the crypto total market rose to a Tuesday high $1,992bn before falling to a Wednesday low $1,783tn. At the time of writing, the total market cap stood at $1,842bn.
Bitcoin’s dominance rose to a Monday high 58.33% before falling to a Wednesday low 55.75%. At the time of writing, Bitcoin’s dominance stood at 57.04%.
At the time of writing, Bitcoin was up by 0.61% to $56,302.6. A mixed start to the day saw Bitcoin fall to an early morning low $55,714.0 before rising to a high $56,302.6.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bullish start to the day.
At the time of writing, Ripple’s XRP was up by 2.48% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the pivot level at $56,719 to bring the first major resistance level at $57,882 into play.
Support from the broader market would be needed for Bitcoin to break back through to $57,500 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $58,000 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 $59,803.
Failure to move through the $56,719 pivot would bring the first major support level at $54,798 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $53,645.