Bitcoin, BTC to USD, rallied by 7.85% on Wednesday. Reversing a 3.42% slide from Tuesday, Bitcoin ended the day at $32,154.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $29,523.0 before making a move.
Steering clear of the first major support level at $29,055, Bitcoin rallied to a late afternoon intraday high $32,850.0.
Bitcoin broke through the first major resistance level at $30,821 and the second major resistance level at $31,833.
A late pullback saw Bitcoin briefly fall back through the second major resistance level before ending the day at $32,100 levels.
The near-term bullish trend remained intact, in spite of the latest return to $29,000 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.
Crypto.com Coin (+5.96%) and Polkadot (+4.34%) trailed the front runners, however.
In the current week, the crypto total market fell to a Tuesday low $1,154bn before rising to a Wednesday high $1,337bn. At the time of writing, the total market cap stood at $1,303bn.
Bitcoin’s dominance rose to a Tuesday high 47.62% before falling to a Wednesday low 46.13%. At the time of writing, Bitcoin’s dominance stood at 46.34%.
At the time of writing, Bitcoin was up 0.13% to $32,197.0. A mixed start to the day saw Bitcoin fall to an early morning low $31,900.0 before rising to a high $32,382.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Polkadot bucked the trend early on, falling by 0.70%.
It was a bullish start for the rest of the majors, however.
At the time of writing, Cardano’s ADA was up by 1.18% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $31,509 pivot to bring the first major resistance level at $33,495 into play.
Support from the broader market would be needed for Bitcoin to break out from Wednesday’s high $32,850.0.
Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $34,000 before any pullback. The second major resistance level sits at $34,836.
A fall through the $31,509 pivot would bring the first major support level at $30,168 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$30,000 levels. The second major support level sits at $28,182.