Bitcoin, BTC to USD, rallied by 5.97% on Wednesday. Following on from a 2.65% gain on Tuesday, Bitcoin ended the day at $52,116.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $49,000.0 before making a move.
Steering clear of the first major support level at $47,336, Bitcoin rallied to a late intraday high and a new swing hi $52,577.0.
Bitcoin broke through the first major resistance level at $50,780 and the second major resistance level at $52,357.
Coming up short of $55,000 levels, Bitcoin fell back through the second major resistance level to end the day at $52,100 levels.
The near-term bullish trend remained intact, supported by the Wednesday’s new swing hi $52,577.0. For the bears, Bitcoin would need to slide through the 62% FIB of $22,556 to form a near-term bearish trend.
Across the rest of the majors, it was a bullish day on Wednesday.
Binance Coin surged by 27.22% to lead the way.
In the current week, the crypto total market cap fell to a Monday low $1,350.01bn before rising to a Wednesday high $1,586.58bn. At the time of writing, the total market cap stood at $1,562.82bn.
Bitcoin’s dominance fell to a Monday low 60.67% before rising to a Wednesday high 63.41%. At the time of writing, Bitcoin’s dominance stood at 62.41%.
At the time of writing, Bitcoin was up by 0.36% to $52,305.0. A bullish start to the day saw Bitcoin rise from an early morning low $52,110.0 to a high $52,539.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Litecoin was down by 1.08% to buck the trend early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was up by 4.18% to lead the way.
Bitcoin would need to avoid a fall through the pivot level at $51,231 to bring the first major resistance level at $53,462 into play.
Support from the broader market would be needed for Bitcoin to break out from Wednesday’s new swing hi $52,577.0.
Barring an extended crypto rally, the first major resistance level and resistance at $53,500 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $54,808.
Failure to avoid a fall through the $51,231 pivot would bring the first major support level at $49,885 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$49,000 levels. The second major support level sits at $47,654.