Bitcoin, BTC to USD, fell by 2.50% on Wednesday. Partially reversing a 4.82% rally from Tuesday, Bitcoin ended the day at $23,208.0.
It was another mixed start to the day. Bitcoin rose to an early morning high $24,013.7 before hitting reverse.
Falling well short of the day’s major resistance levels, Bitcoin slid to a late morning low $22,855.0.
Steering clear of the first major support level at $22,832, Bitcoin rallied to an early afternoon intraday high $24,144.0.
Falling short of the first major resistance level at $24,296, Bitcoin slid to a late intraday low $22,655.0.
Bitcoin fell through the first major support level at $22,832 before a partial recovery to $23,200 levels.
The near-term bullish trend remained intact, supported by the latest breakthrough to $24,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $11,733 to form a near-term bearish trend.
Across the rest of the majors, it was a particularly bearish day on Wednesday.
Ripple’s XRP tumbled by 41.71% to lead the way down.
In the current week, the crypto total market cap rose to a Monday high $671.50bn before sliding to a Monday low $601.73bn. At the time of writing, the total market cap stood at $607.39bn.
Bitcoin’s dominance rose from a Monday low 66.74% to a Wednesday high of 70.75%. At the time of writing, Bitcoin’s dominance stood at 70.18%.
At the time of writing, Bitcoin was down by 1.06% to $22,962.0. A bearish start to the day saw Bitcoin fall from an early morning high $23,211.4 to a low $22,791.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Polkadot and Ripple’s XRP were up by 0.31% and by 2.97% to buck the trend early on.
It was a bearish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was down by 6.31% to lead the way down.
Bitcoin would need to move through the pivot level at $23,336 to bring the first major resistance level at $24,016 into play.
Support from the broader market would be needed for Bitcoin to break back through to $24,000 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high of $24,144.0 would likely cap any upside.
In the event of another extended crypto rally, Bitcoin could test resistance at $24,500 before any pullback. The second major resistance level sits at $24,825.
Failure to move through the $23,336 pivot would bring the first major support level at $22,526 into play.
Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$22,000 levels. The second major support level sits at $21,847.