Bitcoin fell by 0.97% on Monday. Partially reversing a 2.01% gain from Sunday, Bitcoin ended the day at $8,095.8.
A bearish start to the day saw Bitcoin fall to from an early morning intraday high $8,199.7 to a mid-morning intraday low $8,054.4.
In spite of the early moves, Bitcoin left the major support and resistance levels untested.
Through the 2nd half of the day, Bitcoin struck a high $8,159.9 before easing back to sub-$8,100 levels.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of last week’s gains.
For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.
Across the rest of the top 10 cryptos, it was a mixed day for the majors.
Bitcoin Cash SV bucked the trend on the day, rallying by 5.01%.
It was bearish for the rest of the pack, however, with Litecoin sliding by 3.56% to lead the way down.
EOS (-3.16%), Ethereum (-2.07%), Monero’s XMR (-2.21%), and Tron’s TRX (-2.18%) also saw relatively heavy losses.
Binance Coin (-1.17%), Bitcoin Cash ABC (-1.50%), Ripple’s XRP (-1.84%), and Stellar’s Lumen (-1.89%) saw more modest losses.
Through the start of the week, the crypto total market cap eased back from $218bn levels to a day low $215.38 before support kicked in. At the time of writing, the total market cap stood at $224.08bn.
Bitcoin’s dominance held onto 68% levels following a more modest loss on the day. Trading volumes held at sub-$80bn levels throughout the day. At the time of writing, volumes were at $84bn levels.[fx-article-ad]
At the time of writing, Bitcoin was up by 3.86% to $8,408.2. A particularly bearish start to the day saw Bitcoin rally from an early morning low $8,095.8 to a high $8,468.0.
Steering clear of the major support levels, Bitcoin broke through the day’s major resistance levels early before easing back through the third major resistance level at $8.408.57.
The breakout also saw Bitcoin break back through the 23.6% FIB of $8,200.
Elsewhere, it was also a bullish start, with Bitcoin Cash SV surging by 10.87% to lead the way.
Litecoin (+6.25%), Bitcoin Cash ABC (+4.94%), and EOS (+3.96%) also saw solid gains early on.
Stellar’s Lumen (+1.97%) and Tron’s TRX (+1.59%) trailed the back early on.
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Bitcoin would need to break back through the third major resistance to support a run at the $8,500.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $8,468.0.
Barring a broad-based extended crypto rally on the day, resistance at $8,500 would likely cap any upside once more.
Failure to break through the third major resistance level could see Bitcoin give up some of the early gains.
A fall back through to sub-$8,120 levels would bring the first major support level at $8,033.03 into play.
Barring a crypto meltdown, however, Bitcoin should avoid sub-$8,000 levels and the second major support level at $7,970.27.