Following a mixed day for the majors on Wednesday, a Bitcoin move back through to $58,500 would be needed to deliver support to the broader market.
Bitcoin, BTC to USD, rose by 0.44% on Wednesday. Partially reversing a 1.51% gain from Tuesday, Bitcoin ended the day at $57,249.
After a mixed morning, Bitcoin rose to a late afternoon intraday high $59,055 before hitting reverse. Bitcoin broke through the first major resistance level at $58,794 before sliding to a late intraday low $56,505.
Steering clear of the first major support level at $55,519, however, Bitcoin moved back through to $57,200 levels and into the green.
The near-term bullish trend remained intact, in spite of the latest pullback to sub-$54,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.
Across the rest of the majors, it was a mixed day on Monday.
Polkadot slid by 3.53% to lead the way down.
Bitcoin Cash SV (-1.17%), Cardano’s ADA (-0.45), Ethereum (-1.07%) and Ripple’s XRP (-0.66%) also saw red.
Crypto.com Coin rallied by 7.78% to lead the way, however, with Binance Coin (+0.85%), Chainlink (+0.07%), and Litecoin (+0.43%) also finding support.
In the current week, the crypto total market fell to a Tuesday low $2,490bn before rising to a Wednesday high $2,712bn. At the time of writing, the total market cap stood at $2,578bn.
Bitcoin’s dominance rose to a Monday high 43.01% before falling to a Wednesday low 41.17%. At the time of writing, Bitcoin’s dominance stood at 41.75%.
At the time of writing, Bitcoin was down by 0.48% to $56,965. A bearish start to the day saw Bitcoin fall from an early morning high $57,239 to a low $56,941.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a bearish start to the day.
At the time of writing, Crypto.com Coin was down by 5.31% to lead the way down.
Bitcoin would need to move through the $57,600 pivot to bring the first major resistance level at $58,695 into play. Support from the broader market would be needed, however, for Bitcoin to break out from $58,500 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $59,055 would likely cap the upside.
In the event of an extended rally, Bitcoin could test resistance at $61,000 levels before easing back. The second major resistance level sits at $60,150.
Failure to move through the $57,600 pivot would bring the first major support level at $56,145 into play. Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$55,000 levels. The second major support level at $55,050 should limit the downside.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.