Bitcoin tumbled down by 1.21% to $32,126.0 on Wednesday. After a mixed start of the day, the crypto surged forward to an early morning high $32,596.0 before dropping to a low $31,951.3. It also left the major support and resistance levels untested thus far.
On Tuesday, Bitcoin rallied by 0.83%. After reversing a 0.13% fall from Monday, the crypto ended the day at $32,519.0. However, it fluctuated during the session.
The crypto hit an early morning high $32,824.0 before reversing course. But it fell short of the 23.6% FIB of $33,008, as well as the major resistance levels. After that Bitcoin plummeted down to an early afternoon intraday low $30,867.0.
The reversal caused Bitcoin to plunge through the first major support level at $31,195, but it rebounded later in the session. The crypto managed to break back through the first major support level, hitting a late intraday high $32,971.0.
Despite that, it continued to fall short of the major resistance levels and the 23.6% FIB. So, Bitcoin lowered again, ending the day at $32,500 levels.
Thus far, the near-term bullish trend is intact, though, despite the latest sell-off. To form a near-term bearish trend, the crypto would need to tumble through the 62% FIB of $18,504.
Bitcoin’s dominance increased from a Monday low 62.54% to a high 64.32%. On Wednesday, Bitcoin’s dominance sat at 63.58%.
The crypto would need to avoid a drop back through the pivot level at $32,119 to bring the 23.6% FIB of $33,008 into play.
How did the other major cryptos fare?
The crypto market fluctuated on Wednesday. Crypto.com Coin rallied by 4.39%, while Bitcoin Cash SV remained flat. However, the rest of the major began the day on the bearish territory. Ethereum tumbled down by 1.65%, leading the way in the red.
Tuesday’s session was mixed for the major digital coins, as well. Ethereum surged forward by 3.79%, leading the way.
Meanwhile, Binance Coin climbed up by 0.17%, and Cardano’s ADA edged up by 0.09%. Ripple’s XRP also soared by 0.43%, finding support on the day.
However, the rest of the majors traded on in the red. Crypto.com Coin plummeted down by 8.81%, leading the way down.
Bitcoin Cash SV tumbled down by 1.54%, while Chainlink dropped down by 1.47%, and Litecoin shaved off 1.66%. Furthermore, Polkadot declined by 1.33%, also ending in the red.
At the beginning of the week, the crypto total market cap rallied to a Monday high $1,038.16bn before plunging to a Tuesday low $893.97bn. However, the total market cap sat at $941.06bn on Wednesday.
- Trading Instrument