Bitcoin, BTC to USD, fell by 1.67% on Wednesday. Following an 11.06% slide on Tuesday, Bitcoin ended the day at $46,070.6.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $47,351.0 before hitting reverse.
Falling short of the 23.6% FIB of $50,473 and the first major resistance level at $52,085, Bitcoin fell to a late morning intraday low $44,472.0.
Steering clear of the first major support level at $42,417, however, Bitcoin found late support to end the day at $46,000 levels.
The near-term bullish trend remained intact, in spite of the latest return to $43,000 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
Chainlink fell by 3.87% to lead the way down.
It was a relatively bullish day for the rest of the majors, however.
Ethereum led the way with a 1.85% gain.
Litecoin (+0.65%) and Polkadot (+1.23%) also found strong support.
In the current week, the crypto total market rose to a Tuesday high $2,392bn before tumbling to a Tuesday low $1,809bn. At the time of writing, the total market cap stood at $2,115bn.
Bitcoin’s dominance rose to a Tuesday high 44.15% before falling to a Wednesday low 40.80%. At the time of writing, Bitcoin’s dominance stood at 40.97%.
At the time of writing, Bitcoin was up by 0.05% to $46,093.0. A mixed start to the day saw Bitcoin fall to an early morning low $46,006.3 before rising to a high $46,160.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Chainlink (+0.84%), Cyrpto.com Coin (+1.14%), Litecoin (+0.22%), and Ripple’s XRP (+0.63%) found early support.
It was a bearish start for the rest of the majors, however.
At the time of writing, Polkadot was down by 0.22% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $45,965 pivot to bring the first major resistance level at $47,457 into play.
Support from the broader market would be needed for Bitcoin to break out from Wednesday’s high $47,351.0.
Barring a broad-based crypto rally, the first major resistance level and resistance at $48,000 would likely cap the upside.
In the event of a broad-based crypto rebound, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $48,844.
A fall through the $45,965 pivot would bring the first major support level at $44,578 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of the 38.2% FIB of $41,592. The second major support level at $43,086 should limit the downside.