Bitcoin, BTC to USD, rose by 3.38% on Wednesday. Following on from a 2.24% gain from Tuesday, Bitcoin ended the day at $58,849.0.
A mixed start to the day saw Bitcoin rise to an early morning high $57,144.0 before hitting reverse.
Falling short of the first major resistance level at $58,117, Bitcoin slid to a mid-day intraday low $54,001.0.
Bitcoin fell through the first major support level at $54,383 before making a move.
Finding afternoon support, Bitcoin broke through the first major resistance level at $58,117 to strike a late intraday high $59,128.0 before easing back.
In spite of a pullback to sub-$59,000 levels, Bitcoin avoided a fall back through the first major resistance level.
The near-term bullish trend remained intact supported by last Sunday’s new swing hi $61,699.0. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 to form a near-term bearish trend.
Across the rest of the majors, it was a bullish day on Wednesday.
In the current week, the crypto total market rose to a Monday high $1,828bn before falling to a Tuesday low $1,593bn. At the time of writing, the total market cap stood at $1,780bn.
Bitcoin’s dominance rose to a Monday high 63.02% before falling to a Tuesday low 60.84%. At the time of writing, Bitcoin’s dominance stood at 62.03%.
At the time of writing, Bitcoin was up by 0.46% to $59,121.0. A mixed start to the day saw Bitcoin fall to an early morning low $58,706.0 before rising to a high $59,475.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Cardano’s ADA (-0.61%), Chainlink (-0.64%), Litecoin (-0.16%), and Ripple’s XRP (-0.45%) saw red 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 7.22% to lead the way.
Bitcoin would need to avoid a fall through the pivot level at $57,326 to bring the first major resistance level at $60,651 into play.
Support from the broader market would be needed for Bitcoin to break back through to $60,000 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $61,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at last Sunday’s new swing hi $61,699.0. The second major resistance level sits at $62,453.
Failure to avoid a fall through the $57,326 pivot would bring the first major support level at $55,524 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$55,000 levels. The second major support level sits at $52,199.