Bitcoin rallied by 2.98% on Monday. Reversing a 1.8% fall from Sunday, Bitcoin ended the day at $8,331.1.
Another particularly bearish morning saw Bitcoin slide to an early morning intraday low $7,733.3.
Bitcoin fell through the first major support level at $7,926.6 to test the second major support level at $7,763.2.
Finding support from the broader market, Bitcoin bounced back to a late afternoon intraday high $8,385.0.
The rebound saw Bitcoin break through the first major resistance level at $8,256.8. Late in the day, a visit to sub-$8,200 levels was brief, with Bitcoin breaking back through the first major resistance level to wrap up the day at $8,300 levels.
In spite of Monday’s rally, Bitcoin ended September down by 13.38%, with last week’s 19.57% tumble doing the damage.
For the bulls, the extended bullish trend remained intact in spite of the return to sub-$8,000 levels. While falling back through the 38.2% FIB, Bitcoin continued to steer clear of the 62% FIB of 7,245.
Across the rest of the top 10 cryptos, it was green across the crypto-board on Monday.
Stellar’s Lumen and Ripple’s XRP led the way, rallying by 7.97% and 7.08% respectively.
Ethereum (+6.95%), EOS (+6.77%), and Bitcoin Cash SV (+6.70%) weren’t far behind on the day.
Binance Coin (+4.14%), Litecoin (+4.06%), and Bitcoin Cash ABC (+3.60%) trailed the pack.
While it was a bullish end to the month, it was a particularly bearish September for a number of the majors…
Bitcoin Cash SV and Binance Coin led the way down, with losses of 30.5% and 24.66% respectively.
Bitcoin Cash ABC (-19.07%), Litecoin (-12.81%), and EOS (-10.59%) also saw double digit losses.
Bucking the trend was Ethereum, which gained 5.4%, supported by Monday’s rebound. Stellar’s Lumen and Ripple’s XRP ended the month relatively flat, with losses of 0.35% and 0.14% respectively.
Through the month, the total crypto market cap fell back from a 6th September high $274.02bn to a 26th low $208.12bn before support kicked in. At the time of writing, the total market cap stood at $219.96bn.
With the news wires having been on the quieter side of late, October should be a little more interesting for the majors.
The SEC’s final decision on the Bitcoin ETFs are due this month, which will likely have a material impact on the direction through the final quarter.
Any major rebound could ultimately lead to a resumption of regulatory chatter that has somewhat abated since last year.
[fx-article-ad]At the time of writing, Bitcoin was down by 1.02% to $8,246.0. Bearish through the 1st hour, Bitcoin fell from an early morning high $8,357.4 to a low $8,235.5.
Bitcoin left the major support and resistance levels untested.
Elsewhere, Bitcoin Cash ABC bucked the trend early on, with a 0.18% gain.
It was red for the rest of the pack, with Bitcoin Cash SV (-2.46%) leading the way down.
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Bitcoin would need to hold onto $8,200 levels through the morning to support a recovery later in the day.
A move back through Monday’s high $8,385 would bring the first major resistance level at $8,566.3 into play.
Support from the broader market would be needed, however, for Bitcoin to break through to $8,400 levels.
Failure to hold onto $8,200 levels could lead to a reversal of Monday’s gains. A fall through to sub-$8,150 levels would bring the first major support level at $7,914.6 into play.
Barring a crypto meltdown, Bitcoin should steer clear of Monday’s low $7,733.3.