Bitcoin, BTC to USD, rose by 2.42% on Wednesday. Reversing a 1.17% loss from Tuesday, Bitcoin ended the day at $39,301.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $37,851.6 before making a move.
Steering clear of the first major support level at $36,625, Bitcoin rose to a late morning intraday high $40,884.0.
Bitcoin broke through the first major resistance level at $40,000.
Coming up against resistance at $41,000, Bitcoin fell back into the red before a late move back through to $39,300 levels.
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 bullish day on Wednesday.
In the current week, the crypto total market fell to a Monday low $1,368bn before rising to a Wednesday high $1,786bn. At the time of writing, the total market cap stood at $1,699bn.
Bitcoin’s dominance rose to a Monday high 47.08% before falling to a Thursday low 42.56%. At the time of writing, Bitcoin’s dominance stood at 42.86%.
At the time of writing, Bitcoin was down by 1.00% to $38,907.0. A mixed start to the day saw Bitcoin rise to an early morning high $39,322.4 before falling to a low $38,855.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a mixed start to the day.
Crypto.com Coin was up by 0.78% to buck the trend early on.
It was a bearish start for the rest of the majors, however.
At the time of writing, Binance Coin was down by 2.77% to lead the way down.
Bitcoin would need to move through the pivot level at $39,346 to bring the first major resistance level at $40,840 into play.
Support from the broader market would be needed for Bitcoin to break out from to $40,500 levels.
Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $40,884 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $43,000 levels. The second major resistance level sits at $42,378. Bitcoin would need plenty of support, however, to breakout from the 38.2% FIB of $41,592.
Failure to move through the pivot at $39,347 would bring the first major support level at $37,807 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$36,000 levels. The second major support level at $36,313 should limit the downside.