Bitcoin, BTC to USD, rose by 3.57% on Wednesday. Following a 0.33% gain on Tuesday, Bitcoin ended the day at $48,823.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $46,590.0 before making a move.
Steering clear of the first major support level at $46,507, Bitcoin rallied to a late afternoon intraday high $49,139.0.
Bitcoin broke through the first major resistance level at $48,026 and the second major resistance level at $48,894 before easing back to sub-$48,100 levels.
A bullish end to the day saw Bitcoin briefly break back through the second major resistance level before easing back.
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 bullish day on Wednesday
In the current the week, the crypto total market fell to a Monday low $1,996bn before rising to a Wednesday high $2,230bn. At the time of writing, the total market cap stood at $2,192bn.
Bitcoin’s dominance rose to a Monday high 44.14% before falling to a Wednesday low 41.40%. At the time of writing, Bitcoin’s dominance stood at 41.84%.
At the time of writing, Bitcoin was down by 0.08% to $48,782.0. A mixed start to the day saw Bitcoin fall to an early morning low $48,631.0 before rising to a high $49,000.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (+1.03%), Bitcoin Cash SV (+0.12%), and Crypto.com Coin (+4.21%) found early support.
It was a bearish start for the rest of the majors, however.
At the time of writing, Polkadot was down by 1.52% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $48,184 pivot to bring the first major resistance level at $49,778 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 $50,733.
A fall through the $48,184 pivot would bring the first major support level at $47,229 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$46,000 levels. The second major support level sits at $45,635.