Bitcoin fell by 0.31% on Monday. Following on from a 0.58% fall on Sunday, Bitcoin ended the day at $10,290.
A bullish start to the day saw Bitcoin rise to an early morning intraday high $10,404.
Bitcoin broke through the first major resistance level at $10,391 before hitting reverse.
The reversal saw Bitcoin slide to a mid-day intraday low $10,091. Bitcoin fell through the first major support level at $10,263 and second major support level at $10,205.
Steering clear of the third major support level at $10,077, Bitcoin bounced back to a late high $10,400. The late rally saw Bitcoin break back through the first major resistance level at $10,391 before sliding back into the red.
For the bulls, the extended bullish trend remained intact. Bitcoin continues to hold above the 38.2% FIB of $9,734 after the early September rebound.
Across the rest of the top 10 cryptos, it was a largely bullish day for the majors.
Monero’s XMR and Binance Coin bucked the trend on the day, falling by 0.71% and 0.25% respectively.
It was green for the rest of the majors, with Ethereum leading the way with a 4.37% gain.
Litecoin and Bitcoin Cash SV also saw solid gains, rising by 3.74% and 2.44% respectively.
Bitcoin Cash ABC (0.82%), EOS (+0.33%), Ripple’s XRP (+0.59%), and Stellar’s Lumen (+0.12%) trailed the front runners.
At the start of the week, the total crypto market cap fell from a high $268.13bn to a low $263.3bn on Monday. At the time of writing, the total crypto market cap stood at $266.08bn.
Bitcoin’s dominance also eased back to 69.3%, having hit 70.9% last week, with 4 consecutive days in the red pinning Bitcoin back.[fx-article-ad]
At the time of writing, Bitcoin was down by 0.15% to $10,275. Monday’s late pullback into the red continued into the early hours of this morning. Bitcoin fell from the start of a day high $10,296 to a low $10,260.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Ripple’s XRP (-0.02%), Monero’s XMR (-0.4%), Litecoin (-0.11%), EOS (-0.38%), and Binance Coin (-0.20%) also struggled at the start of the day.
Ethereum and Stellar’s Lumen saw early gains, rising by 0.50% and by 0.67% respectively.
Bitcoin Cash ABC led the way at the start of the day, however, rallying by 1.2%
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Bitcoin would need to steer clear of sub-$10,260 to support a run at the first major resistance level at $10,432.33.
With resistance at $10,400 having pinned Bitcoin back for 2 consecutive days, Bitcoin would need an early move through Monday’s high $10,404 to support a breakout.
Barring a broad-based crypto rally on the day, we would expect Bitcoin to come up short of $10,500 levels.
Failure to steer clear of sub-$10,260 would bring the first major support level at $10,119.33 into play.
Barring a crypto meltdown, Bitcoin should steer clear of sub-$10,000 support levels, however.