Bitcoin Hits a New 2019 High as Litecoin Loses Steam

Is this the week that Bitcoin returns to $10,000? A breakthrough to $9,500 levels would certainly raise the stakes…
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin rallied by 4.1% on Monday. Following on from a 1.47% gain from Sunday, Bitcoin ended the day at $9,354.3.

A bullish morning saw Bitcoin rally from a start of a day intraday low $8,985.9 to $9,400 levels before easing back.

Bitcoin broke through the first major resistance level at $9,320.6 before easing back to an afternoon low $9,114.2.

Finding support from the broader market, Bitcoin bounced back to a late intraday high and new swing hi $9,490.

Bitcoin broke back through the first major resistance level at $9,320.6 to return to $9,400 levels before easing back.

A 6th consecutive day in the green saw Bitcoin strike a new 2019 high, bringing $10,000 levels into view.

Elsewhere

Across the top 10 cryptos, it was a mixed day for the majors.

Bucking the trend on the day, but for the wrong reasons, was Litecoin once more. Litecoin has fallen victim to some profit taking ahead of this summer’s halving event. In spite of pulling back from a current year high $144.34, it has still been an impressive 6-months, however. Litecoin is up by 505% from December’s swing lo.

The rest of the pack closed out the day in the green. Leading the way was Binance Coin, which rallied by 5.23%. Close behind were Ripple’s XRP and Bitcoin Cash SV, which also outperformed Bitcoin. The pair gained 4.79% and 4.76% respectively.

Trailing the majors was Stellar’s Lumen, which rose by just 0.76%.

Bitcoin’s dominance sits at 57.2% at the time of writing, with the increase not coming as a result of bearish sentiment, but an impressive bull run. Year-to-date, Bitcoin was up by 144% to the end of Monday.

Monday’s broad-based crypto rally also saw the total crypto market cap touch $290bn levels before easing back to $288.8bn.

This Morning

At the time of writing, Bitcoin was down by 0.42% to $9,315.5. A bearish start to the day saw Bitcoin fall from a morning high $9,376.8 to a low $9,254.1 before finding support.

Bitcoin steered clear of the major support and resistance levels in the early hours.

Elsewhere, Ripple’s XRP, Binance Coin and Stellar’s Lumen bucked the trend, though the gains were minor. At the time of writing, Ripple’s XRP led the way, up by 0.35%.

The rest of the pack were in the red, with Bitcoin Cash SV (-1.68%) and Bitcoin Cash ABC (-1.23%) leading the way down.

For the day ahead

Bitcoin would need to hold onto $9,300 levels through the morning to support another rebound through the day.

A move back through the morning high $9,376.8 would bring $9,400 levels into play. Bitcoin would need support from the broader market, however, to take a run at the first major resistance level at $9,567.57.

Barring a broad-based crypto rally, Monday’s high $9,490 would likely pin Bitcoin back on the day.

Failure to move back through the morning high could see Bitcoin slide deeper into the red. A fall through $9,280 levels would bring the first major support level at $9,063.47 into play.

Barring a crypto meltdown, however, Bitcoin would likely steer clear of sub-$9,000 levels on the day.

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