Bitcoin, BTC to USD, jumped by 8.19% on Wednesday. Following on from a 6.23% rally on Tuesday, Bitcoin ended the day at $36,760.0.
It was a mixed start to the day. Bitcoin fell to an early morning intraday low $33,335.0 before making a move.
Steering clear of the first major support level at $31,066, Bitcoin rallied to a final hour intraday high and a new swing hi $36,932.0.
Bitcoin broke through the first major resistance level at $35,698 to test resistance at $37,000 before easing back.
The near-term bullish trend remained intact, supported by the breakthrough to $36,900 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $16,580 to form a near-term bearish trend.
Across the rest of the majors, it was a mixed day on Wednesday.
Polkadot fell by 4.22% to buck the trend on the day.
It was a bullish day for the rest of the majors, however.
Cardano’s ADA surged by 28.7% to lead the way once more.
In the current week, the crypto total market cap slid to a Monday low $735.72bn before rising to a Wednesday high $1,016.45bn. At the time of writing, the total market cap stood at $998.31bn.
Bitcoin’s dominance rose to a Monday high 70.25% before falling to a Monday low 67.66%. At the time of writing, Bitcoin’s dominance stood at 69.18%.
At the time of writing, Bitcoin was up by 0.77% to $37,044.6. A mixed start to the day saw Bitcoin fall to an early morning low $36,463.0 before rising to a new swing hi $37,344.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day for the crypto majors.
Binance Coin (-0.85%), Chainlink (-1.47%), Ethereum (-0.41%), and Polkadot (-0.28%) struggled 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 4.08% to lead the way.
Bitcoin would need to avoid a fall through the pivot level at $35,676 to bring the first major resistance level at $38,016 into play.
Support from the broader market would be needed for Bitcoin to break out from the morning high $37,344.0.
Barring an extended crypto rally, first major resistance level would likely cap any upside.
In the event of another extended crypto rally, Bitcoin could test resistance at $40,000 before any pullback. The second major resistance level sits at $39,273.
Failure to avoid a fall through the $35,676 pivot would bring the first major support level at $34,419 into play.
Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$33,000 levels. The second major support level sits at $32,079.