Bitcoin, BTC to USD, fell by 0.33% on Wednesday. Partially reversing a 1.76% gain from Tuesday, Bitcoin ended the day at $54,859.0.
A mixed start to the day saw Bitcoin fall to a mid-morning intraday low $53,917.0 before making a move.
Steering clear of the first major support level at $53,753, Bitcoin rallied to a late intraday high $56,432.0.
Bitcoin broke through the first major resistance level at $55,886 before falling back to sub-$54,100 levels.
Finding late support, however, Bitcoin moved back through to $54,800 levels to limit the downside on the day.
The near-term bullish trend remained intact supported by the partial recovery to $55,000 levels. For the bears, Bitcoin would need to slide 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.
It was a bearish day for the rest of the majors, however.
Ripple’s XRP fell by 3.10% to lead the way down.
In the current week, the crypto total market fell to a Monday low $1,778bn before rising to a Wednesday high $2,124bn. At the time of writing, the total market cap stood at $2,055bn.
Bitcoin’s dominance rose to a Monday high 51.73% before falling to a Wednesday low 49.71%. At the time of writing, Bitcoin’s dominance stood at 50.14%.
At the time of writing, Bitcoin was up by 0.55% to $55,160.4. A mixed start to the day saw Bitcoin fall to an early morning low $54,733.0 before rising to a high $55,199.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin and Polkadot were down by 0.48% and by 0.35% to buck the trend early on.
It was a relatively bullish start for the rest of the majors, however.
At the time of writing, Cardano’s ADA was up by 0.43% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall back through the $55,069 pivot to bring the first major resistance level at $56,222 into play.
Support from the broader market would be needed for Bitcoin to break back through to $56,000 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $56,432.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $58,000 before any pullback. The second major resistance level sits at $57,584.
Failure to avoid a fall back through the $55,069 would bring the first major support level at $53,707 into play.
Barring another extended sell-off on the day, Bitcoin should steer well clear of the 23.6% FIB of $50,473. The second major support level at $52,554 should limit the downside.