Bitcoin, BTC to USD, rose by 1.87% on Wednesday. Following on from a 4.88% rally on Tuesday, Bitcoin ended the day at $55,985.0.
It was a mixed start to the day. Bitcoin fell from an early morning high $55,777.0 to an early morning intraday low $53,155.0 before making a move.
Steering clear of the first major support level at $52,980, Bitcoin rallied to a late intraday high $57,444.0.
Bitcoin broke through the first major resistance level at $55,943 and the second major resistance level at $56,930.
Falling short of $58,000 levels, Bitcoin fell back through the resistance levels to $55,680 levels before steadying.
Late in the day, Bitcoin broke back through the first major resistance level to end the day at $55,980 levels.
The near-term bullish trend remained intact supported by the latest visit to $57,000 levels. 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.
It was a bearish day for the rest of the majors, however.
In the current week, the crypto total market fell to a Monday low $1,508bn before rising to a Wednesday high $1,765bn. At the time of writing, the total market cap stood at $1,691bn.
Bitcoin’s dominance fell to a Tuesday low 60.13% before rising to a Wednesday high 62.25%. At the time of writing, Bitcoin’s dominance stood at 62.02%.
At the time of writing, Bitcoin was up by 0.54% to $56,288.0. A mixed start to the day saw Bitcoin fall to an early morning low $55,600.0 before rising to a high $56,422.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Chainlink (-0.55%) and Crypto.com Coin (-1.10%) saw red to buck the trend early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Binance Coin was up by 1.37% to lead the way.
Bitcoin would need to avoid a fall through the pivot level at $55,528 to bring the first major resistance level at $57,901 into play.
Support from the broader market would be needed for Bitcoin to break out from Wednesday’s high $57,444.0.
Barring an extended crypto rally, the first major resistance level and resistance at $58,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at February’s swing hi $58,321.2. The second major resistance level sits at $59,817.
Failure to avoid a fall through the $55,528 pivot would bring the first major support level at $53,612 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear sub-$52,000 levels. The second major support level sits at $51,239.