Bitcoin, BTC to USD, slid by 4.77% on Wednesday. Reversing a 1.53% gain from Tuesday, Bitcoin ended the day at $53,780.0.
A bullish start to the day saw Bitcoin rise to a late morning intraday high $56,790.0 before hitting reverse.
Falling short of the first major resistance level at $57,935, Bitcoin slid to a late intraday low $53,609.0.
The sell-off saw Bitcoin fall through the first major support level at $54,173 to end the day at $53,700 levels.
The near-term bullish trend remained intact in spite of the latest reversal. For the bears, Bitcoin would need to slide through the 62% FIB of $27,237 to form a near-term bearish trend.
Across the rest of the majors, it was a mixed day on Wednesday.
It was a bearish day for the rest of the majors.
In the current week, the crypto total market rose to a Monday high $2,100bn before sliding to a Tuesday low $1,839bn. At the time of writing, the total market cap stood at $1,954bn.
Bitcoin’s dominance rose to a Tuesday high 54.32% before falling to a Wednesday low 50.74%. At the time of writing, Bitcoin’s dominance stood at 51.58%.
At the time of writing, Bitcoin was up by 0.34% to $53,964.0. A mixed start to the day saw Bitcoin fall to an early morning low $53,225.0 before rising to a high $54,158.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin (-4.83%) and Cardano’s ADA (-0.12%) saw red to buck the trend early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Ethereum was up by 1.14% to lead the way.
Bitcoin would need to move through the pivot level at $54,726 to bring the first major resistance level at $55,844 into play.
Support from the broader market would be needed for Bitcoin to break out from $55,500 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $56,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $57,907.
Failure to move through the $54,726 pivot would bring the first major support level at $52,663 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$50,000 levels. The second major support level at $51,545 should limit the downside.