Bitcoin, BTC to USD, rallied by 9.54% on Wednesday to end a run of 4 consecutive days in the red. Reversing a 3.63% loss from Tuesday, Bitcoin ended the day at $37,358.1.
It was a mixed start to the day. Bitcoin slid to an early morning low $32,436.0 before making a move.
While steering clear of the first major support level at $32,148, Bitcoin fell through the 23.6% FIB of $33,008.
Finding early morning support, however, Bitcoin rallied to a late intraday high $37,776.0.
Bitcoin broke back through the 23.6% FIB and broke through the first major resistance level at $36,377.
Coming up short of $38,000 levels, however, Bitcoin eased back to end the day at sub-$37,500 levels.
The near-term bullish trend remained intact, in spite of the latest sell-off. For the bears, Bitcoin would need to slide through the 62% FIB of $18,504 to form a near-term bearish trend.
Across the rest of the majors, it was a bullish day on Wednesday.
Polkadot surged by 19.97% to lead the way, with Chainlink rallying by 13.86%
In the current week, the crypto total market cap rose to a Monday high $1,040.51 before falling to a Monday low $804.33bn. At the time of writing, the total market cap stood at $1,010.5bn.
Bitcoin’s dominance rose from a Monday low 68.39% to a Monday high 69.97%. At the time of writing, Bitcoin’s dominance stood at 69.71%.
At the time of writing, Bitcoin was up by 1.01% to $37,734.4. A bullish start to the day saw Bitcoin rise from an early morning low $37,368.0 to a high $38,143.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Litecoin and Ripple’s XRP bucked the trend early on, with losses of 0.57% and 0.62% respectively. Bitcoin Cash SV was flat.
It was a bullish start to the day for the rest of the majors, however.
At the time of writing, Polkadot was up by 4.38% to lead the way.
Bitcoin would need to avoid a fall through the pivot level at $35,857 to bring the first major resistance level at $39,277 into play.
Support from the broader market would be needed for Bitcoin to break through to $39,000 levels.
Barring an extended crypto rally, first major resistance level and resistance at $40,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test the second major resistance level at $41,197.
Failure to avoid a fall through the $35,857 pivot would bring the first major support level at $33,937 and the 23.6% FIB of $33,008 into play.
Barring another extended crypto sell-off, Bitcoin should continue to steer clear of sub-$30,000 levels. The second major support level at $30,517 should limit the downside.