Bitcoin, BTC to USD, slid by 5.70% on Monday. Following a 1.20% decline on Sunday, Bitcoin ended the day at $54,070.0.
A bearish start to the day saw Bitcoin slide to an early morning low $56,345.0.
Steering clear of the first major support level at $55,621, Bitcoin rallied to a late morning intraday high $58,525.0.
Falling short of the first major resistance level at $58,848, Bitcoin tumbled to a late intraday low $53,700.0.
The extended sell-off saw Bitcoin fall through the first major support level at $55,621 and the second major support level at $53,875.
Steering clear of sub-$53,500 levels, Bitcoin broke back through the second major support level to end the day at $54,000 levels.
The near-term bullish trend remained intact in spite of the latest pullback. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 to form a near-term bearish trend.
Across the rest of the majors, it was a mixed day on Monday.
It was a bearish day for the rest of the majors, however.
In the current week, the crypto total market rose to a Monday high $1,802bn before sliding to a low $1,626bn. At the time of writing, the total market cap stood at $1,672bn.
Bitcoin’s dominance rose to a Monday high 61.63% before falling to a low 60.54%. At the time of writing, Bitcoin’s dominance stood at 60.94%.
At the time of writing, Bitcoin was up by 0.95% to $54,581.0. A mixed start to the day saw Bitcoin fall to an early morning low $53,778.0 before rising to a high $54,744.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypyto.com Coin was down by 4.57% early on to buck the trend.
It was a bullish start for the rest of the majors.
At the time of writing, Ripple’s XRP was up by 2.59% to lead the way.
Bitcoin would need to move through the pivot level at $55,432 to bring the first major resistance level at $57,163 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 $58,525.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at the swing hi $61,699.0. The second major resistance level sits at $60,257.
Failure to move through the $55,432 pivot would bring the first major support level at $52,338 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$50,000 levels. The second major support level at $50,607 should limit the downside.