Bitcoin, BTC to USD, slid by 4.48% on Wednesday. Following a 0.92% loss on Tuesday, Bitcoin ended the day at $38,346.0.
A mixed start to the day saw Bitcoin rise to a mid-morning intraday high $40,460.0 before hitting reverse.
Falling short of the first major resistance level at $41,125, Bitcoin slid to a late intraday low $38,121.0.
Bitcoin fell through the first major support level at $39,298 and the second major support level at $38,458 to end the day at sub-$38,500 levels.
The near-term bullish trend remained intact in spite of the latest slide back to $38,000 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.
Polkadot bucked the trend on the day, rising by 0.61%.
It was a bearish day for the rest of the majors, however.
Crypto.com Coin fell by a more modest 0.51% on the day.
In the current week, the crypto total market rose to a Tuesday high $1,708bn before falling to a Wednesday low $1,543bn. At the time of writing, the total market cap stood at $1,574bn.
Bitcoin’s dominance fell to a Monday low 45.34% before rising to a Wednesday high 46.26%. At the time of writing, Bitcoin’s dominance stood at 45.80%.
At the time of writing, Bitcoin was up by 0.35% to $38,480.0. A mixed start to the day saw Bitcoin fall to an early morning low $38,211.0 before rising to a high $38,621.1.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin was down by 1.46% to buck the trend early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Chainlink was up by 1.65% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $38,976 pivot to bring the first major resistance level at $39,830 into play.
Support from the broader market would be needed for Bitcoin to break back through to $39,000 levels.
Barring a broad-based crypto rally, the first major resistance level and resistance at $40,000 would likely cap any upside.
In the event of another extended crypto rally, Bitcoin could test resistance at the 38.2% FIB of $41,592 before any pullback. The second major resistance level sits at $41,315.
Failure to move through the $38,976 pivot would bring the first major support level at $37,491 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$36,000 levels. The second major support level at $36,637 should limit the downside.