Bitcoin rallied by 4.37% on Monday. Reversing a 3.43% slide from Sunday, Bitcoin ended the day at $8,227.0.
A bearish start to the day saw Bitcoin fall to an early morning intraday low $7,793.2 before finding support.
Steering clear of the first major support level at $7,732.07, Bitcoin rallied to a late afternoon intraday high $8,366.1.
Bitcoin broke through the first major resistance level at $8,108,57 and the second major resistance level at $8,334.13.
Coming up against the second major resistance level, Bitcoin fell back to $8,200 levels late in the day.
Following Sunday’s first sub-$8,000 end of the day since the summer, holding onto $8,000 levels was key.
For the bulls, the extended bullish trend remained intact in spite of the latest slide to sub-$8,000 levels. While falling back through the 38.2% FIB, Bitcoin continued to hold above the 62% FIB of 7,245.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was a sea of green for the majors at the start of the week.
EOS and Ripple’s XRP led the way, rallying by 9.56% and by 8.04% respectively.
Stellar’s Lumen and Bitcoin Cash ABC weren’t far behind, with gains of 7.87% and 7.42% respectively.
On the day, Binance Coin (6.44%), Bitcoin Cash SV (5.64%), Ethereum (5.92%), and Litecoin (5.63%) saw more modest gains.
For the bulls, the Monday rally reversed Sunday losses for a number of the majors.
On Sunday, Binance Coin (-4.32%), Litecoin (-4.17%), Ethereum (-3.70%), Bitcoin Cash SV (-2.97%), and EOS (-2.89%) had all seen heavy losses.
Through the day, the total crypto market cap recovered from a day low $213.44to a high $223.71bn before easing back. At the time of writing, the total market cap stood at $224.20bn.
Bitcoin’s dominance held back to sub-67% levels following some bullish gains across the majors.
On the news front, some degree of optimism over the SEC’s Bitwise Bitcoin ETF decision by 13th October provided support.
It’s the end of the road for the SEC, who will have to decide whether its time or not. The SEC has no further options to delay the decision.
At the time of writing, Bitcoin was up by 0.84% to $8,295.9. A bullish start to the day saw Bitcoin rally from an early morning low $8,226.9 to a high $8,362,0 before easing back.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Ripple’s XRP (+2.27%), Bitcoin Cash SV (+1.46%) and Ethereum (+1.40%) led the way early on.
Binance Coin (+0.29%), Bitcoin Cash ABC (+0.31%) and EOS (+0.43%) saw the most modest gains in the early hours.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the morning high $8,362 to support a run at the first major resistance level at $8,464.33.
Support would be needed from the broader market, however, for Bitcoin to break out from $8,300 levels.
Barring an extended broad-based crypto rally, we would expect resistance at $8,400 to cap any upside.
Failure to move back through the morning high $8,362 could pressure Bitcoin and the broader market.
A fall back through the morning low $8,226.0 would bring sub-$8,100 levels into play before any recovery.
Barring a crypto meltdown later in the day, we would expect Bitcoin to steer clear of the first major support level at $7,891.43.