Bitcoin, BTC to USD, rose by 6.94% on Wednesday. Reversing a 5.29% loss from Tuesday, Bitcoin ended the day at $43,574.0.
A bearish start to the day saw Bitcoin fall to an early morning intraday low $40,601.0 before making a move.
Steering clear of the first major support level at $39,076, Bitcoin rallied to a late afternoon intraday high $44,000.0.
Bitcoin broke through the 38.2% FIB of $41,592 and the first major resistance level at $43,023 to end the day at $43,500 levels.
The near-term bullish trend remained intact, in spite of the latest return to sub-$40,000 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.
Crypto.com Coin fell by 1.04% to buck the trend.
It was a bullish day for the rest of the majors.
Early in the week, the crypto total market rose to a Monday high $2,136bn before sliding to a Tuesday low $1,744bn. At the time of writing, the total market cap stood at $1,968bn.
Bitcoin’s dominance rose to a Monday high 43.00% before falling to a Tuesday low 41.22%. At the time of writing, Bitcoin’s dominance stood at 41.46%.
At the time of writing, Bitcoin was down by 0.61% to $43,308.0. A mixed start to the day saw Bitcoin rise to an early morning high $43,857.9 before falling to a low $43,302.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin was up by 1.14% to buck the early trend.
It was a bearish start for the rest of the majors, however.
At the time of writing, Ripple’s XRP was down by 1.28% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $42,725 pivot to bring the first major resistance level at $44,849 into play.
Support from the broader market would be needed for Bitcoin to break back through to $44,000 levels.
Barring a broad-based crypto rally, the first major resistance level and resistance at $45,000 would likely cap the upside.
In the event of a broad-based crypto rally, Bitcoin could test resistance at $48,000 levels before any pullback. The second major resistance level sits at $46,124.
A fall through the $42,725 pivot would bring the 38.2% FIB of $41,592 and the first major support level at $41,450 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$40,000 levels. The second major support level sits at $39,326.