Bitcoin, BTC to USD, slipped by 0.07% on Wednesday. Following a 2.02% gain on Tuesday, Bitcoin ended the month up by 29.84% to $58,796.0.
A mixed start to the day saw Bitcoin rise to a mid-morning intraday high $59,899.0 before hitting reverse.
Bitcoin broke through the first major resistance level at $59,864 before sliding to a late morning intraday low $56,826.0.
The reversal saw Bitcoin fall through the first major support level at $57,476.
Steering clear of the second major support level at $56,111, Bitcoin revisited $59,600 levels before falling back into the red.
The near-term bullish trend remained intact supported by the March gain. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 to form a near-term bearish trend.
Across the rest of the majors, it was a mixed day on Wednesday.
It was a bullish day for the rest of the pack, however.
In the current week, the crypto total market fell to a Monday low $1,671bn before rising to a Wednesday high $1,872bn. At the time of writing, the total market cap stood at $1,812bn.
Bitcoin’s dominance rose to a Wednesday high 61.34% before falling to a Wednesday low 59.65%. At the time of writing, Bitcoin’s dominance stood at 60.73%.
At the time of writing, Bitcoin was up by 0.37% to $59,014.0. A mixed start to the day saw Bitcoin fall to an early morning low $58,759.0 before rising to a high $59,047.0.
Elsewhere, it was another mixed start to the day.
Binance Coin (-0.08%), Cardano’s ADA (-0.22%), and Polkadot (-3.11%) bucked the trend early on.
It was a relatively bullish start for the rest of the majors, however.
At the time of writing, Bitcoin Cash SV was up by 3.62% to lead the way.
Bitcoin would need to avoid a fall through the pivot level at $58,507 to bring the first major resistance level at $60,188 into play.
Support from the broader market would be needed for Bitcoin to break out from Wednesday’s high $59,899.0.
Barring an extended crypto rally, the first major resistance level and resistance at $60,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at 14th March swing hi $61,699.0 before easing back. The second major resistance level sits at $61,580.
Failure to avoid a fall through the $58,507 pivot would bring the first major support level at $57,115 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$56,000 levels. The second major support level sits at $55,434.