Bitcoin, BTC to USD, slid by 11.01% on Monday. Following an 8.64% loss from the previous week, Bitcoin ended the day at $31,726.4.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $35,832.0 before hitting reverse.
Falling short of the first major resistance level at $36,768, Bitcoin slid to late intraday low $31,368.0.
Bitcoin fell through the first major support level at $33,953 and the second major support level at $32,274.
Finding late support, Bitcoin briefly revisited $32,000 levels before easing back.
The near-term bullish trend remained intact in spite of the latest slide back to $31,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.
Across the rest of the majors, it was a particularly bearish start to the week.
Early in the week, the crypto total market rose to a Monday high $1,488bn before falling to an early Tuesday low $1,234bn. At the time of writing, the total market cap stood at $1,254bn.
Bitcoin’s dominance fell to a Monday low 45.03% before rising to an early Tuesday high 47.36%. At the time of writing, Bitcoin’s dominance stood at 47.07%.
At the time of writing, Bitcoin was down by 0.38% to $31,605.0. A mixed start to the day saw Bitcoin rise to an early morning high $31,967.0 before falling to a low $31,300.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Ethereum found early support, rising by 0.25% to buck the trend early on.
It’s been a bearish start for the rest of the majors, however.
At the time of writing, Bitcoin Cash SV was down by 11.69% to lead the way down.
Bitcoin would need to move through the $32,976 pivot to bring the first major resistance level at $34,583 into play.
Support from the broader market would be needed for Bitcoin to break back through to $34,000 levels.
Barring a broad-based crypto rebound, the first major resistance level and resistance at $35,000 would likely cap any upside.
In the event of another extended crypto rally, Bitcoin could test the second major resistance level at $37,440.
Failure to move through the $32,976 pivot would bring the first major support level at $30,119 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of the 62% FIB of $27,237. The second major support level at $28,512 should limit the downside.