Bitcoin fell by 3.72% on Monday. Following on from last week’s 5.87% slide, Bitcoin ended the day at $8,219.5.
A relatively bearish start to the day saw Bitcoin fall from an early intraday high $8,537.0 to a late morning low $8,452.8.
Bitcoin left the major support and resistance levels untested before tumbling to a late afternoon intraday low $8,117.0.
Bitcoin fell through the first major support level at $8,394.63 and the second major support level at $8,251.97.
Finding support late in the day, Bitcoin recovered to $8,200 levels to limit the loss on the day.
In spite of the support, Bitcoin was unable to break back through the second major support level.
For the bulls, the extended bullish trend remained intact in spite of failing to break back through the 38.2% FIB of $9,734. Bitcoin has 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 bearish day for the majors on Monday.
Bitcoin Cash ABC (-7.27%), Stellar’s Lumen (-6.14%), and Tron’s TRX (-7.68%) led the way down.
Binance Coin (-5.55%), Bitcoin Cash SV (-5.33%), EOS (-6.31%), and Litecoin (-5.88%) also saw heavy losses.
Ethereum and Ripple’s XRP saw relatively modest losses, with the pair falling by 3.28% and 4.41% respectively.
The bearish start to the week saw the total crypto market cap fall from a Monday high $237.09bn to a day low $226.27bn. At the time of writing, the total market cap stood at $230.19bn.
Bitcoin’s dominance continued to hold at sub-66% levels in spite of heavier losses elsewhere on the day. Trading volumes did pick up, however, with 24-hour volumes rising from $60bn levels to $72bn levels late in the day.
At the time of writing, Bitcoin was up by 0.08% to $8,226.4. A mixed start to the day saw Bitcoin fall to an early morning low $8,200.1 before striking a high $8,245.5.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed bag for the majors.
Binance Coin (+0.05%), Bitcoin Cash ABC (+0.18%), EOS (+0.21%), Litecoin (+0.18%), and Ripple’s XRP (+0.03%) also found support.
It was a bearish start for the rest, however.
Bitcoin Cash SV and Stellar’s Lumen led the way down, with losses of 1.24% and 1.21% respectively.
Ethereum and Tron’s TRX also saw red early on, with the pair falling by 0.34% and by 0.63% respectively.
For the Bitcoin Day Ahead
Bitcoin would need to move through to $8,290 levels to support a run at the first major resistance level at $8,465.33.
Support from the broader market would be needed, however, for Bitcoin to break through to $8,400 levels.
Barring a broad-based crypto rebound, Bitcoin would likely fall short of $8,500 levels and Monday’s high $8.537.0
Failure to move through to $8,290 levels could see Bitcoin spend another day in the red.
A fall through to sub-$8,200 levels would bring the first major support level at $8,045.33 into play.
Barring a crypto meltdown, however, Bitcoin should steer clear of sub-$8,000 levels.
In the event of another meltdown, the second major support level at $7,871.17 could come into play…