Bitcoin, BTC to USD, slid by 12.52% on Wednesday. Reversing a 1.59% gain from Tuesday, Bitcoin ended the day at $49,614.0.
A bullish start to the day saw Bitcoin rise to an early morning intraday high $58,000 before hitting reverse.
Bitcoin broke through the first major resistance level at $57,681 before sliding to a late intraday low $48,611.0.
The extended sell-off saw Bitcoin fall through the day’s major support levels.
More significantly, Bitcoin also fell through the 23.6% FIB of $50,473 to end the day at sub-$50,000 levels.
The near-term bullish trend remained intact in spite of the latest slide back to sub-$50,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $27,237 to form a near-term bearish trend.
Across the rest of the majors, it was a mixed day on Wednesday.
Crypto.com Coin and Polkadot rose by 1.52% and by 3.85% respectively to buck the trend on the day.
It was a bearish day for the rest of the majors.
Ethereum fell by a more modest 8.45% on the day.
In the current week, the crypto total market rose to a Wednesday high $2,574bn before sliding to an early Thursday low $1,975bn. At the time of writing, the total market cap stood at $2,200bn.
Bitcoin’s dominance rose to a Monday high 46.90% before falling to a Wednesday low 42.16%. At the time of writing, Bitcoin’s dominance stood at 42.29%.
For Bitcoin and the broader market, the latest pullback came from news of Tesla suspending the acceptance of Bitcoin for car purchases. Tesla CEO Musk cited climate concerns over the decision to stop taking Bitcoin as payment.
At the time of writing, Bitcoin was up by 0.34% to $49,783.0. A mixed start to the day saw Bitcoin fall to an early morning low $46,601.0 before rising to a high $50,444.0.
While steering clear of the major support and resistance levels, the 23.6% FIB of $50,473 pinned Bitcoin back early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin (-12.35%) and Bitcoin Cash SV (-0.33%) saw red to buck the trend early on.
It was a bullish start for the rest of the majors, however, which recovered from early sell-offs.
At the time of writing, Ripple’s XRP was up by 4.63% to lead the way.
Bitcoin would need to move through the 23.6% FIB of $50,473 and the pivot level at $52,075 to support a run at the first major resistance level at $55,539.
Support from the broader market would be needed for Bitcoin to break out from the 23.6% FIB of $50,473.
Barring an extended crypto rally, the first major resistance level and would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $60,464.
Failure to move through the 23.6% FIB and the pivot at $52,075 would bring the first major support level at $46,150 back into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$45,000 levels. The second major support level at sits $42,686.