Bitcoin, BTC to USD, rose by 1.71% on Wednesday. Partially reversing a 9.61% slide from Tuesday, Bitcoin ended the day at $49,716.0.
A mixed start to the day saw Bitcoin slide to an early morning intraday low $46,902.0 before making a move.
Steering clear of the 23.6% FIB and the first major support level at $44,534, Bitcoin struck a mid-morning intraday high $51,354.5.
Falling short of the first major resistance level at $53,675, Bitcoin fell back to a low $48,050 and into the red.
Finding late support, however, Bitcoin move back through to $49,000 levels to deliver the upside on the day.
The near-term bullish trend remained intact in spite of the current week reversal. For the bears, Bitcoin would need to slide through the 62% FIB of $24,751 to form a near-term bearish trend.
Across the rest of the majors, it was a mixed day on Wednesday.
Polkadot (-4.14%) and Ripple’s XRP (-0.38%) saw red to buck the trend on the day.
It was a bullish day for the rest of the pack, however.
In the current week, the crypto total market cap rose to a Monday high $1,747.74bn before sliding to a Tuesday low $1,293.34bn. At the time of writing, the total market cap stood at $1,515.08bn.
Bitcoin’s dominance rose to a Tuesday high 64.62% before falling to a Wednesday low 61.23%. At the time of writing, Bitcoin’s dominance stood at 62.16%.
At the time of writing, Bitcoin was up by 1.67% to $50.545.0. A mixed start to the day saw Bitcoin fall to an early morning low $49,522.0 before rising to a high $50,889.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bullish start to the day.
At the time of writing, Binance Coin was up by 2.45% to lead the way.
Bitcoin would need to avoid a fall through the pivot level at $49,324 to bring the first major resistance level at $51,746 into play.
Support from the broader market would be needed for Bitcoin to break back through to $51,000 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $52,000 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 $53,777.
Failure to avoid a fall through the $49,324 pivot would bring the first major support level at $47,294 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $44,872. The 23.6% FIB of $45,501 should limit the downside.