Bitcoin rallied by 7.1% on Monday. Following on from a 1.85% gain on Sunday and last week’s 6.34% gain, Bitcoin ended the day at $12,301.
A relatively range-bound start to the day saw Bitcoin fall to an early morning intraday low $11,310 before recovering to $11,500 levels.
Gaining momentum through the morning, Bitcoin rallied to a late morning high $12,040.
The morning rally saw Bitcoin break through the first major resistance level at $11,700 and second major resistance level at $11,915.
After holding above the first major resistance level through the afternoon, Bitcoin rallied to a late intraday high $12,383 before easing back.
While Bitcoin broke back through the second major resistance level at $11,915, Bitcoin fell short of the third major resistance level at $12,425.
Of significance on the day was Bitcoin’s hold above the 23.6% FIB of $11,275 for the first time since 29th June.
Across the top 10 cryptos, it was a mixed bag for the majors.
Coming in a distant second behind Bitcoin on the day was Litecoin, which gained 2.69% with Ethereum not far behind with a 2.26% gain.
Binance Coin (+1.09%), Ripple’s XRP (+1.05%), Bitcoin Cash SV (+1.21%) and Bitcoin Cash ABC (+0.99%) saw more modest gains on the day.
While EOS held on with a 0.13% gain on the day, Tron’s TRX bucked the trend, sliding by 3.13%.
Bitcoin’s dominance moved back to 63% levels off the back of Monday’s break out, which also drove the total crypto market cap to $343bn levels.
For the Bitcoin bulls, the near-term bullish trend, formed at mid-December’s swing lo $3,215.2 remains firmly intact. Bitcoin continued to hold well above the 38.2% FIB of $9,734.0.
At the time of writing, Bitcoin was down by 0.21% to $12,275. A late pullback from Monday continued into this morning. Bitcoin fell from a morning high $12,325 to a low $12,243.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Litecoin joined Bitcoin in the red, down by 0.68%. EOS (-0.31%), Ethereum (-0.45%) and Bitcoin Cash SV (-0.48%) also struggled early on.
Leading the way at the start of the day was Bitcoin Cash ABC, which was up by 1.35%.
A hold onto $12,200 levels through the morning would support a run at the first major resistance level at $12,686.
Bitcoin would need the support of the broader market, however, to break out from Monday’s high $12,383.
In the event of a crypto rally, Bitcoin could take a run at the second major resistance level at $13,071.
Barring a crypto rally, however, Monday’s high $12,383 would likely limit any upside on the day.
Failure to hold onto $12,200 levels could see Bitcoin fall deeper into the red. A fall through to sub-$12,000 levels would bring the first major support level at $11,613 into play before any recovery.
Barring a broad-based crypto sell-off, Bitcoin should steer well clear of the 23.6% FIB of $11,275 and sub-$11,000 levels.