Bitcoin, BTC to USD, slid by 3.54% on Wednesday. Reversing a 0.09% gain from Tuesday, Bitcoin ended the day at $44,841.0.
A bullish start to the day saw Bitcoin rose to a late morning intraday high $47,383.0 before hitting reverse.
Falling short of the first major resistance level at $48,157, Bitcoin slid to a mid-afternoon intraday low $43,777.0.
The reversal saw Bitcoin fall through the first major support level at $44,940.
Finding late support, however, Bitcoin revisited $45,000 levels before falling back to sub-$45,000 levels.
The late pullback saw Bitcoin fall back through the first major support level at $44,940.
The near-term bullish trend remained intact, supported by the Tuesday’s new swing hi $48,277.0. For the bears, Bitcoin would need to slide through the 62% FIB of $20,914 to form a near-term bearish trend.
Across the rest of the majors, it was a mixed day on Wednesday.
Polkadot (+5.85%), and Ripple’s XRP (+6.00%) also made solid gains.
It was a bearish day for the rest of the majors, however.
In the current week, the crypto total market cap fell to a Monday low $1,145.36bn before surging to a Wednesday high $1,443.1bn. At the time of writing, the total market cap stood at $1,351.16bn.
Bitcoin’s dominance jumped to a Tuesday high 64.76% before falling to a Wednesday low 61.13%. At the time of writing, Bitcoin’s dominance stood at 61.8%.
At the time of writing, Bitcoin was up by 0.10% to $44,886.0. A mixed start to the day saw Bitcoin rise to an early morning high $45,075.0 before falling to a low $44,471.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Chainlink (+0.31%), Crypto.com Coin (+6.12%), and Ripple’s XRP (+3.19%) bucked the trend early on.
It was a bearish start for the rest of the majors, however.
At the time of writing, Cardano’s ADA was down by 2.29% to lead the way down.
Bitcoin would need to move through the pivot level at $45,334 to bring the first major resistance level at $46,890 into play.
Support from the broader market would be needed for Bitcoin to break back through to $46,000 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $47,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at Tuesday’s swing hi $48,277.0. The second major resistance level sits at $48,940.
Failure to move through the $45,334 pivot would bring the first major support level at $43,284 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $41,728.