Bitcoin, BTC to USD, slipped by 0.18% on Wednesday. Following a 1.44% loss on Tuesday, Bitcoin ended the day at $45,531.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $45,341.0 before making a move.
Steering clear of the first major support level at $44,600, Bitcoin rose to an early afternoon intraday high $46,727.0.
Bitcoin broke through the first major resistance level at $46,660 before falling back to end the day at sub-$46,000 levels.
The near-term bullish trend remained intact, supported by the latest return to $46,000 levels. For the bears, Bitcoin would need a sustained fall 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 was a bullish day on Wednesday.
Ripple’s XRP surged by 18.89% to lead the way.
In the current week, the crypto total market fell to a Monday low $1,696bn before rising to a Wednesday high $1,944bn. At the time of writing, the total market cap stood at $1,886bn.
Bitcoin’s dominance rose to a Monday high 47.44% before falling to a Wednesday low 45.19%. At the time of writing, Bitcoin’s dominance stood at 45.57%.
At the time of writing, Bitcoin was up by 0.43% to $45,727.0. A mixed start to the day saw Bitcoin fall to an early morning low $45,292.0 before rising to a high $45,855.2.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin (-1.69%) and Ripple’s XRP (-0.17%) saw red early on to buck the trend.
It was a bullish start for the rest of the majors, however.
At the time of writing, Cardano’s ADA was up by 2.45% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $45,866 pivot to bring the first major resistance level at $46,392 into play.
Support from the broader market would be needed for Bitcoin to break back through to $46,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $46,727.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $48,000 before any pullback. The second major resistance level sits at $47,252.
Failure to move through the $45,866 pivot would bring the first major support level at $45,006 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$44,000 levels. The second major support level at $44,480 should limit the downside.