Bitcoin, BTC to USD, slid by 6.45% on Wednesday. Reversing a 0.83% gain from Tuesday, Bitcoin ended the day at $30,421.2.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $32,596.0 before hitting reverse.
Falling short of the 23.6% FIB of $33,008 and the major resistance levels, Bitcoin slid to an early afternoon intraday low $29,283.0.
The reversal saw Bitcoin fall through the first major support level at $31,267 and the second major support level at $30,015.
Finding late support, Bitcoin briefly revisited $31,600 levels before falling back through the first major support level at $31,267 to end the day at sub-$30,500 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 bearish day on Wednesday.
In the current week, the crypto total market cap rose to a Monday high $1,038.16bn before falling to a Wednesday low $847.51bn. At the time of writing, the total market cap stood at $907.63bn.
Bitcoin’s dominance rose from a Monday low 62.54% to a high 64.32%. At the time of writing, Bitcoin’s dominance stood at 63.75%.
At the time of writing, Bitcoin was up by 2.20% to $31,090.0. A mixed start to the day saw Bitcoin fall to an early morning low $29,918.0 before rising to a high $31,310.0.
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, Chainlink was up by 3.91% to lead the way.
Bitcoin would need to avoid a fall back through the pivot level at $30,767 to bring the first major resistance level at $32,251 into play.
Support from the broader market would be needed for Bitcoin to break back through $32,000 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $32,500 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at the 23.6% FIB of $33,008 before any pullback. The second major resistance level sits at $34,080.
Failure to avoid a fall back through the $30,767 pivot would bring the first major support level at $28,938 into play.
Barring an extended crypto sell-off, Bitcoin should steer clear of the 38.2% FIB of $27,465. The second major support level sits at $27,454.