Bitcoin, BTC to USD, rallied by 11.79% on Monday. Reversing a 7.53% decline from Sunday, Bitcoin ended the day at $38,845.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $34,500.0 before making a move.
Steering clear of the first major support level at $31,196, Bitcoin rallied to a late intraday high $39,966.0.
Bitcoin broke through the first major resistance level at $38,341 to test resistance at $40,000 before easing back.
The near-term bullish trend remained intact in spite of the latest slide back to sub-$30,000 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 bullish day on Monday.
Early in the week, the crypto total market rose from a Monday low $1,368bn to a Tuesday high $1,706bn. At the time of writing, the total market cap stood at $1,675bn.
Bitcoin’s dominance rose to a Monday high 47.08% before falling to a Tuesday low 43.75%. At the time of writing, Bitcoin’s dominance stood at 43.87%.
At the time of writing, Bitcoin was up by 1.03% to $39,244.0. A mixed start to the day saw Bitcoin fall to an early morning low $38,558.0 before rising to a high $39,250.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a bullish start to the day.
At the time of writing, Crypto.com Coin was up by 7.59% to lead the way.
Bitcoin would need to avoid a fall through the pivot level at $37,770 to bring the first major resistance level at $41,041 into play.
Support from the broader market would be needed for Bitcoin to break out from $40,000 levels.
Barring a broad-based crypto rally, the first major resistance level and 38.2% FIB of $41,592 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance the second major resistance level at $43,236.
Failure to avoid a fall through the pivot at $37,770 would bring the first major support level at $35,575 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$35,000 levels. The second major support level sits at $32,304.