Bitcoin rose by 2.35% on Monday. Reversing a 1.18% loss from Sunday, Bitcoin ended the day at $9,440.0.
A bearish start to the day saw Bitcoin fall to an early morning intraday low $9,152.00 before making a move.
Holding above the first major support level at $9,081.4, Bitcoin rallied to a late intraday high $9,645.00
Bitcoin broke through the first major resistance level at $9,382.00 and the second major resistance level at $9,541.6.
A late pullback to sub-$9,500 levels limited the upside on the day.
For the bulls, the extended bullish trend remained intact in spite of failing to break back through the 38.2% FIB of $9,734. Bitcoin has continued to hold above the 62% FIB of 7,245.
Across the rest of the top 10 cryptos, it was a mixed day for the majors on Monday.
Bitcoin Cash ABC bucked the trend on the day, with a 0.69% loss.
Bullish for the rest of the pack, Stellar’s Lumen led the way rallying by 15%, which reversed a 4.77% slide from Sunday on the way.
EOS (+5.51%), and Litecoin (+5.23%) also saw solid gains on the day.
Binance Coin (+2.33%), Bitcoin Cash SV (+2.25%), Ethereum (+2.49%), Ripple’s XRP (+3.15%), and Tron’s TRX (+2.12%) saw more modest gains on the day.
At the start of the week, the total crypto market cap rose from a low $246.06bn to a Monday high $253.4 before easing back. At the time of writing, the total market cap stood at $250.45bn.
Bitcoin’s dominance held steady 67% levels on the day, while trading volumes bounced back from $70bn levels to hit $88bn levels.[fx-article-ad]
At the time of writing, Bitcoin was down by 0.2% to $9,421.3. A relatively bearish start to the day saw Bitcoin fall from an early morning high $9,442.0 to a low $9,402.2.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Stellar’s Lumen continued its rally, surging by 6.63% within the first hour of the day.
Ripple’s XRP (+1.23%), Litecoin (+0.29%), and Binance Coin (+0.16) also found support.
It was a bearish start for the rest of the pack, however. Bitcoin Cash SV and Bitcoin Cash ABC led the way down, with losses of 1.23% and 0.70% respectively.
EOS (-0.53%), Ethereum (-0.45%), and Tron’s TRX (-0.21%) saw modest losses early on.
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Bitcoin would need to steer clear of sub-$9,420 levels to support a run at the first major resistance level at $9,672.67.
Support from the broader market would be needed, however, for Bitcoin to break through Monday’s high $9,645.0.
Barring a broad-based crypto rebound, resistance at $9,500 levels would likely limit any upside on the day.
In the event of another broad-based crypto rally, Bitcoin could take a run at the 38.2% FIB of $9,734 before any pullback.
Failure to steer clear of sub-$9,420 levels could see Bitcoin fall deeper into the red.
A fall through to $9,300 levels would bring the first major support level at $9,179.67 into play.
Barring a crypto meltdown, however, we would expect Bitcoin to steer clear of sub-$9,000 support levels on the day.