After a bullish day for Bitcoin and the majors on Wednesday, it’s been a broadly bullish Wednesday morning.
At the time of writing, Bitcoin, BTC to USD, was up by 3.75% to $43,086.1.
A mixed start to the day saw Bitcoin fall to an early morning low $41,432.0 before making a move.
Steering clear of the first major support level at $40,687, Bitcoin rallied to a mid-morning current day high $43,860.
Bitcoin broke through the first major resistance level at $42,489 and the 38.2% FIB of $41,592.
The early rally saw Bitcoin also break through the second major resistance level at $43,449 before revising sub-$43,000 levels.
The Rest of the Pack
It has been a mixed morning for the broader crypto market.
At the time of writing, Polkadot was down by 1.61% to buck the morning trend.
It’s been a bullish morning for the rest of the majors, however.
Through the early hours, the crypto total market cap fell to an early morning low $1,854bn before rising to a high $1,951bn. At the time of writing, the total market cap stood at $1,912bn.
Bitcoin’s dominance fell to an early morning low 42.00% before rising to a high 42.44%. At the time of writing, Bitcoin’s dominance stood at 42.39%.
For the Afternoon Ahead
Bitcoin would need to avoid a fall back through the first major resistance level at $42,489 to bring $44,000 levels back into play.
Support from the broader market will be needed, however, for Bitcoin to break back through the second major resistance level at $43,449.
Barring a broad-based crypto rebound, the second major resistance level and morning high $43,860.0 would likely cap any upside.
In the event of an extended rally through the afternoon, Bitcoin could test resistance at $45,000 before any pullback. The third major resistance level sits at $45,251.
A fall back through the first major resistance level and through the 38.2% FIB of $41,592 would bring the first major support level at $40,687 into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$40,000 support levels. The second major support level sits at $39,845.
Looking beyond the support and resistance levels, we saw the 50 EMA narrow on the 100 and 200 EMAs through the morning.
We also saw the 100 EMA narrow marginally on the 200 EMA, providing further support.
Through the 2nd half of the day, a further narrowing of the 50 EMA on the 100 would bring the second major resistance level back into play.
Key through the early afternoon would be to avoid sub-$42,500 levels to support a bullish end to the day.