Bitcoin hit reverse at the start of the week, falling by 3.66% on Monday. Reversing a 2.74% gain from Sunday, Bitcoin ended the day at $8,737.70.
A relatively bullish start to the day saw Bitcoin rise to an early morning intraday high $9,108.5 before hitting reverse.
Falling short of the first major resistance level at $9,291.8, Bitcoin slid to a late morning intraday low $8,616.5.
Bitcoin fell through the first major support level at $8,805.8 to its lowest level since 24th October.
Finding support in the late morning, Bitcoin moved back through to $8,700 levels going into the afternoon.
Through relatively range-bound 2nd half of the day, Bitcoin managed to strike a high $8,799.4 before easing back.
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.
Stellar’s Lumen bucked the trend on the day, rising by 1.13%.
It was bearish for the rest of the pack, however. EOS led the way down, falling by 4.19%. Litecoin (-3.02%), Bitcoin Cash SV (-2.64%), Bitcoin Cash ABC (-2.60%), and Ethereum (-2.24%) also saw relatively heavy losses.
Binance Coin (-1.67%), Ripple’s XRP (-1.82%), and Tron’s TRX (-1.56%) saw relatively modest losses on the day.
Through the start of the week, the total crypto market cap fell from a Monday high $246.9bn to a low $237.75bn before support kicked in. At the time of writing, the total market cap stood at $239.25bn.
Bitcoin’s dominance held onto 66% levels on the day, in spite of the heavy loss. Trading volumes fell back to sub-$70bn levels after having recovered from $61bn levels from last week.[fx-article-ad]
At the time of writing, Bitcoin was up by 0.18% to $8,753.7. A mixed start to the day saw Bitcoin fall to an early morning low $8,726.7 before striking a high $8,759.9.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Bitcoin Cash ABC (-0.49%), Tron’s TRX (-0.21%), and Binance Coin (-0.07%) saw red early on.
It was green for the rest of the pack, with EOS (+0.86%) and Stellar’s Lumen (+0.78%) leading the way early on.
Bitcoin Cash SV (+0.36%), Ethereum (+0.43%), Litecoin (+0.12%), and Ripple’s XRP (+0.17%) saw modest gains in the 1st hour.
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Bitcoin would need to move through to $8,820 levels to support a run at the first major resistance level at $9,025.30.
Support from the broader market would be needed, however, for Bitcoin to break back through to $9,000 levels.
Barring a broad-based crypto rally on the day, Bitcoin would likely come up short of Monday’s high $9,108.5.
Failure to move through to $8,820 levels could see Bitcoin slide back into the red.
A fall back to sub-$8,700 levels would bring the first major support level at $8,533.30 into play before any recovery.
Barring a crypto meltdown, however, Bitcoin should steer well clear of sub-$8,500 levels.