Bitcoin surged forward by 0.07% to $17,687.0 on Wednesday. After a mixed start of the day, the crypto tumbled down to an early morning low $17,650.0 before rallying to a high $17,693.7. However, it hasn’t tested the major support and resistance levels thus far.
Bitcoin traded in the green on Tuesday as well, rallying by 5.72%. After gaining a 4.72% on Monday, the crypto ended the previous session at $16,674.9.
However, it fluctuated on Tuesday. The digital coin plummeted down to an early morning intraday low $16,535.0 before moving. It also steered clear of the first major support level at $16,105. However, Bitcoin skyrocketed to a late afternoon intraday high, as well as a new swing hi $17,815.0.
Furthermore, the crypto managed to break through the first major resistance level at $17,103, along with the second major resistance level at $17,486. Despite that, it came up short of $18,000 levels. As a result, Bitcoin briefly dropped back through the second major resistance level.
The crypto found late support, however. It broke back through the second major resistance level to end the day at $17,670 levels.
Thus far, the near-term bullish trend is intact as the latest move through to $17,000 levels supports it. To form a near-term bearish trend, the crypto would need to plunge through the 62% FIB of $8,768.
Bitcoin’s dominance plummeted down to a Monday low 65.43% before skyrocketing to a Tuesday high 66.63%. On Wednesday, Bitcoin’s dominance sat at 66.51%.
The crypto will need to avoid a drop through the pivot level at $17,342 if it wants to bring the first major resistance level at $18,148 into play.
How did other major cryptocurrencies fare?
The Crypto market fluctuated on Wednesday. Litecoin plummeted down by 1.48%, while Crypto.com Coin lost 0.77%, and Polkadot lowered by 0.30%. However, the rest of the majors traded on the bullish territory. Chainlink surged forward by 3.82%, leading the way.
Digital coins traded in the green on Tuesday as well. Bitcoin Cash SV soared by 5.74%, while Chainlink rallied by 5.88%. Furthermore, Cardano’s ADA skyrocketed by 5.38%, and Ethereum surged forward by 4.73%, with Ripple’s XRP gaining 5.08%.
Several other cryptos gained relatively modest amounts during the session. Binance Coin climbed up by 2.20%, and Crypto.com Coin added 1.24%. Litecoin also jumped by 3.51%, and Polkadot increased by 1.95%.
The crypto total market cap rallied from a Monday low $445.47bn to a Tuesday high $504.31bn at the beginning of the week. However, on Wednesday, the total market cap sat at $493.74bn.
- Trading Instrument