Bitcoin, BTC to USD, slid by 14.37% on Wednesday. Following on from a 1.47% decline on Tuesday, Bitcoin ended the day at $36,733.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $43,600.0 before hitting reverse.
Falling short of the first major resistance level at $45,028, Bitcoin slumped to an early afternoon intraday low $29,563.0.
Bitcoin fell through the day’s major support levels and through the 38.2% FIB of $41,592.
Steering clear of the 62% FIB of $27,237, Bitcoin briefly revisited $40,000 levels before sliding back into the deep red.
The near-term bullish trend remained intact in spite of the latest slide back to sub-$30,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.
Across the rest of the majors, it was a particularly bearish day on Wednesday. China’s PBoC hit the markets, following statements that institutions should not accept cryptos.
Things were not much better elsewhere, however.
In the current week, the crypto total market rose to a Monday high $2,160bn before sliding to a Wednesday low $1,207. At the time of writing, the total market cap stood at $1,574bn.
Bitcoin’s dominance fell to a Tuesday low 39.89% before surging to a Wednesday high 45.95%. At the time of writing, Bitcoin’s dominance stood at 44.67%.
At the time of writing, Bitcoin was up by 2.34% to $37,593.0. A bullish start to the day saw Bitcoin rise from an early morning low $36,716.0 to a high $38,220.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a bullish start to the day.
At the time of writing, Crypto.com Coin was up by 4.81% to lead the way.
Bitcoin would need to avoid a fall through the pivot level at $36,632 to bring the 38.2% FIB of $41,592 and the first major resistance level at $43,701 into play.
Support from the broader market would be needed for Bitcoin to break back through to $40,000 levels.
Barring a broad-based crypto rebound, resistance at the 38.2% FIB of $41,592 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $50,669
Failure to avoid a fall through the pivot at $36,632 would bring the first major support level at $29,664 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of the 62% FIB of $27,237. The second major support level sits at $22,595.