Bitcoin rallied by 8.25% on Monday. Following on from a 15.06% rally from the previous week, Bitcoin ended the day at $7.340.2.
A particularly bullish day saw Bitcoin rally from an early morning intraday low $6,775.1 to a final hour intraday high $7,364.4
Steering clear of the major support levels, Bitcoin broke through the day’s major resistance levels.
The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.
For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.
Across the rest of the majors, it was also a bullish start to the week.
EOS and Ethereum led the way, rallying by 20.11% and by 17.51% respectively.
Cardan’s ADA (+12.81%), Stellar’s Lumen (+14.42%), and Tezos (+15.36%) weren’t far behind.
Binance Coin (+11.17%), Bitcoin Cash ABC (+10.70%), Bitcoin Cash SV (+10.61%), Litecoin (+11.17%), Monero’s XMR (+10.86%), and Ripple’s XRP (+10.63% also saw double digit gains.
Tron’s TRX trailed the front runners, with a more modest 8.36% gain on the day.
Through the start of the week, the crypto total market cap rose from a Monday low $190.55bn to a late Monday high $210.40bn. At the time of writing, the total market cap stood at $209.41bn.
Bitcoin’s dominance eased back to sub-65% levels on Monday, with the rest of the majors seeing more sizeable gains. At the time of writing, Bitcoin’s dominance stood at 64.5%.
24-hour trading volumes recovered from sub-$100bn levels to hit $171bn levels on Tuesday morning. At the time of writing, 24-hr volumes stood at $171.23bn.
At the time of writing, Bitcoin was up by 0.95% to $7,410.0. A bullish start to the day saw Bitcoin rise from an early morning low $7,317.5 to a high $7,454.3.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day for the crypto majors.
Litecoin and Stellar’s Lumen led the way with gains of 2.46% and 2.53% respectively.
Bitcoin Cash SV was down by 0.22%, however, to buck the trend early on.
Bitcoin would need to move back through the morning high $7,434.3 to bring the first major resistance level at $7,544.7 into play.
Support from the broader market would be needed, however, for Bitcoin to break through to $7,500 levels
Barring another crypto rally, the first major resistance level at $7,544.7 would likely pin Bitcoin back on the day.
Failure to move back through the morning high could see Bitcoin hit reverse.
A fall back through to sub-$7,160 levels would bring the first major support level at $6,955.4 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer of sub-$7,000 levels.