After a bullish day on Wednesday, it's been a bullish start to the day. The Bitcoin bulls will be eyeing a return to $43,000 to support the broader market.
Bitcoin, BTC to USD, rose by 1.18% on Wednesday. Partially reversing a 2.65% fall from Tuesday, Bitcoin ended the day at $41,530.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $40,804.0 before making a move.
Steering clear of the first major support level at $40,402, Bitcoin rallied to a mid-day intraday high $42,606.0.
Bitcoin broke through the 38.2% FIB of $41,592 and the first major resistance level at $42,251.
A bearish afternoon, however, saw Bitcoin fall back through the first major resistance level and 38.2% FIB to revisit sub-$41,000 levels.
Finding late support, however, Bitcoin moved back through to $41,500 levels and into the green.
Late in the day, the 38.2% FIB of $41,592 pegged Bitcoin back.
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.
Across the rest of the majors, it was a bullish day on Wednesday.
Binance Coin surged by 10.36% to lead the way.
Chainlink (+3.71%), Litecoin (+3.01%), Polkadot (+2.40%), and Ripple’s XRP (+3.91%) also found strong support.
Bitcoin Cash SV (+1.39%), Cardano’s ADA (+1.37%), Crypto.com Coin (+0.88%), and Ethereum (+1.59%) trailed the front runners, however.
In the current week, the crypto total market rose to a Monday high $2,014bn before sliding to a Wednesday low $1,808bn. At the time of writing, the total market cap stood at $1,871bn.
Bitcoin’s dominance fell to a Monday low 41.44% before rising to a Tuesday high 42.54%. At the time of writing, Bitcoin’s dominance stood at 42.04%.
At the time of writing, Bitcoin was up by 0.63% to $41,792.0. A mixed start to the day saw Bitcoin fall to an early morning low $41,432.0 before rising to a high $41,821.0.
While leaving the major support and resistance levels untested, Bitcoin broke back through the 38.2% FIB of $41,592.
Elsewhere, it was a bullish start to the day.
At the time of writing, Ethereum was up by 0.79% to lead the way.
Bitcoin would need to avoid a fall back through the $41,647 pivot and the 38.2% FIB of $41,592 to bring the first major resistance level at $42,489 into play.
Support from the broader market would be needed for Bitcoin to break back through to $42,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $42,606.0 would likely cap the upside.
In the event of a broad-based crypto rally, Bitcoin could test resistance at $44,000 levels before any pullback. The second major resistance level sits at $43,449.
A fall back through the $41,647 pivot and the 38.2% FIB of $41,592 would bring the first major support level at $40,687 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$39,000. The second major support level at $39,845 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.