Bitcoin rallied by 6.23% on Monday. Following on from a 1.68% rise from Sunday, Bitcoin ended the day at $10,388.
A relatively range-bound morning saw Bitcoin ease to a mid-morning intraday low $9,754.6 before making a move.
Steering clear of the first major support level at $9,600.07, Bitcoin rallied to a late intraday high $10,474.
The rally saw Bitcoin break through the day’s major resistance levels and hold above the third major resistance level at $10,047.03.
Of greater significance was a break back through the 38.2% FIB of $9,734, as Bitcoin reversed August’s 4.83% loss.
For the bulls, the extended bullish trend remained intact. While Bitcoin broke back through the 38.2% FIB, Bitcoin has also continued to hold well above the 62% FIB of $7,245.
It was a 7th consecutive day in the green for the Bitcoin bulls. While there were no major news events to drive the 7-days in the green that culminated in Monday’s breakout, news of a jump in Bitcoin hash rates to record levels likely provided much-needed support.
Across the rest of the top 10 cryptos, it was a sea of green across the crypto board.
Binance Coin led the way on the day, rallying by 6.27%. Bitcoin Cash ABC (+4.95%), Bitcoin Cash SV (+4.72%), and Ethereum (+4.37%) also saw solid gains.
Ripple’s XRP (+1.74%), Litecoin (+1.65%) and Stellar’s Lumen (+1.47%) were the worst performers on the day.
The start of the week rally saw the crypto market cap bounce back from a Monday low $251.32bn to a day high $265.5bn. At the time of writing, the total crypto market cap stood at $265.03bn.
Bitcoin’s solid start to the week also led to a rise in dominance to 70.1% at the time of writing. Bitcoin’s dominance last stood at 70% levels back in March 2017…[fx-article-ad]
At the time of writing, Bitcoin was up by just 0.01% to $10,389.4. A bullish start to the day saw Bitcoin rise to an early morning high $10,470.3 before falling to a low $10,386.
Bitcoin left the major support and resistance levels untested early in the day.
Elsewhere, Stellar’s Lumen (+0.62%) Monero’s XMR (+0.42%), and Binance Coin (+0.08%) saw green.
It was red for the rest of the majors, however, with Bitcoin Cash SV leading the way down with a 0.65% loss.
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Bitcoin would need to break move through to $10,400 levels to support another run at the first major resistance level at $10,656.47.
Support from the broader market would be needed, however, to break out from Monday’s high $10,474 and this morning’s high $10,470.3.
Barring another crypto rally, the first major resistance level at $10,656.47 would likely cap any upside.
Failure to move back through to $10,400 levels could see Bitcoin struggle through the day.
A fall through to sub-$10,200 levels would bring the first major support level at $9,937.07 into play.
Barring a crypto meltdown, Bitcoin should steer well clear of the 38.2% FIB of $9,734 on the day.