Bitcoin, BTC to USD, rose by 2.13% on Wednesday. Following a 4.88% rally on Tuesday, Bitcoin ended the day at $48,137.0.
A mixed start to the day saw Bitcoin fall to a mid-morning intraday low $46,724.0 before making a move.
Steering clear of the first major support level at $45,488, Bitcoin rallied to a late intraday high $48,444.0.
Bitcoin broke through the first major resistance level at $48,027 to end the day at $48,100 levels.
The near-term bullish trend remained intact, in spite of the latest return to $43,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Wednesday.
Polkadot slid by 4.49%, with Chainlink (-0.28%) also bucking the trend on the day.
It was a bullish day for the rest of the majors, however.
In the current the week, the crypto total market fell to a Monday low $1,958bn before rising to a Wednesday high $2,236bn. At the time of writing, the total market cap stood at $2,204bn.
Bitcoin’s dominance fell to a Monday low 40.36% before rising to a Wednesday high 41.91%. At the time of writing, Bitcoin’s dominance stood at 41.13%.
At the time of writing, Bitcoin was up by 0.10% to $48,186.0. A mixed start to the day saw Bitcoin rise to an early morning high $48,188.9 before falling to a low $48,041.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Cardano’s ADA (-0.46%), Ethereum (-0.17%), and Litecoin (-0.10%) saw red early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Polkadot was up by 1.08% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $47,768 pivot to bring the first major resistance level at $48,813 into play.
Support from the broader market would be needed for Bitcoin to break out from $48,500 levels.
Barring a broad-based crypto rally, the first major resistance level and resistance at $49,000 would likely cap the upside.
In the event of a broad-based crypto rally, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $49,488.
A fall through the $47,768 pivot would bring the first major support level at $47,093 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$47,000 levels. The second major support level sits at $46,048.