Bitcoin, BTC to USD, fell by 0.96% on Monday. Following on from a 6.29% slide on Sunday, Bitcoin ended the day at $55,630.0.
A bullish start to the day saw Bitcoin rise to a mid-morning intraday high $57,500.0 before hitting reverse.
Falling short of the first major resistance level at $60,801, Bitcoin fell to a mid-afternoon intraday low $54,256.0.
Steering clear of the first major support level at $51,022, Bitcoin revisited $56,500 levels before easing back.
The near-term bullish trend remained intact in spite of the latest slide back to $50,500 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $27,237 to form a near-term bearish trend.
Across the rest of the majors, it was a mixed day on Monday.
Binance Coin rose by 4.55% to buck the trend on the day.
It was a bearish day for the rest of the majors, however.
Bitcoin Cash SV slid by 14.40% to lead the way down.
Early in the week, the crypto total market rose to a Monday high $2,100bn before sliding to a Monday low $1,886bn. At the time of writing, the total market cap stood at $1,949bn.
Bitcoin’s dominance fell to a Monday low 51.28% before rising to a Monday high 53.75%. At the time of writing, Bitcoin’s dominance stood at 52.96%.
At the time of writing, Bitcoin was down by 0.71% to $55,237.0. A mixed start to the day saw Bitcoin rise to an early morning high $55,748.0 before falling to a low $55,229.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV bucked the trend early on, rising by 0.96%.
It was a bearish start for the rest of the majors, however.
At the time of writing, Ripple’s XRP was down by 2.30% to lead the way down.
Bitcoin would need to move through the pivot level at $55,795 to bring the first major resistance level at $57,335 into play.
Support from the broader market would be needed for Bitcoin to break back through to $57,000 levels.
Barring an extended crypto rally, the first major resistance level and Monday’s high $57,500.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $59,039.
Failure to move through the $55,795 pivot would bring the first major support level at $54,091 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$53,000 levels. The second major support level sits at $52,551.