Bitcoin, BTC to USD, rose by 2.76% on Wednesday. Partially reversing a 3.65% loss from Tuesday, Bitcoin ended the day at $48,992.7.
A choppy start to the day saw Bitcoin fall to a mid-morning intraday low $47,143.00 before making a move.
Steering clear of the first major support level at $46,893, Bitcoin rallied to a late intraday high $49,255.0.
Bitcoin broke through the first major resistance level at $49,198 before easing back to sub-$48,000 levels.
The near-term bullish trend remained intact, supported by the latest return to $50,000 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 mixed day on Wednesday.
Crypto.com Coin fell by 0.93% to buck the trend on the day.
It was a bullish day for the rest of the majors, however.
Binance Coin rallied by 6.71% to lead the way.
In the current week, the crypto total market rose to a Monday high $2,169bn before falling to a Wednesday low $1,970bn. At the time of writing, the total market cap stood at $2,059bn.
Bitcoin’s dominance fell to a Tuesday low 43.64% before rising to a Tuesday high 44.96%. At the time of writing, Bitcoin’s dominance stood at 44.59%.
At the time of writing, Bitcoin was down by 0.27% to $48,860.0. A mixed start to the day saw Bitcoin rise to an early morning high $49,085.0 before falling to a low $48,858.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin bucked the early trend, rising by 1.84%.
It was a bearish start for the rest of the majors, however.
At the time of writing, Chainlink was down by 0.87% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $48,464 pivot to bring the first major resistance level at $49,784 into play.
Support from the broader market would be needed for Bitcoin to break out from $49,500 levels.
Barring a broad-based crypto rally, the first major resistance level and resistance at $50,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $50,576.
A fall through the $48,464 pivot would bring the first major support level at $47,672 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$47,000 levels. The second major support level sits at $46,352.