Bitcoin rallied by 2.84% on Monday. Partially reversing a 5.27% slide on Sunday, Bitcoin ended the day at $7,162.8.
A particularly bearish start to the day saw Bitcoin slide to an early morning intraday low and new swing low $6,618.0.
The sell-off saw Bitcoin fall through the first major support level at $6,800.87 and second major support level at $6,636.43.
Finding support through the late morning, Bitcoin bounced back to a late afternoon intraday high $7,414.4.
The rebound saw Bitcoin break back through the support levels and the first major resistance level at $7.250.87.
Through the latter part of the day, Bitcoin slid back through the first major resistance level to $7,100 levels, however.
Sub-$7,200 support delivered late in the day, with Bitcoin avoiding sub-$7,000 levels to close out the day at $7,100 levels.
In spite of the Monday gain, Sunday’s slide back through to sub-$7,000 levels led to the formation of a near-term bearish trend formed at late June’s swing hi $13,764.0.
For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was a mixed day for the majors on Monday.
Bitcoin Cash SV, EOS, and Tron’s TRX led the way with gains of 5.08%, 4.50%, and 4.54% respectively.
Bitcoin Cash ABC (+3.82%), Ethereum (+4.15%), Litecoin (+3.64%), and Stellar’s Lumen (+3.22%) also saw solid gains.
While Binance Coin (+1.13%) trailed the pack on the day, Ripple’s XRP bucked the trend, falling by 1.50%.
The start of the week saw the crypto total market cap slide to a Monday low $180.76bn before rebounding to a day high $198.76bn. At the time of writing, the total market cap stood at $195.87bn.
Bitcoin’s dominance held onto 66% levels at the start of the week, in spite of a bullish start to the week for the broader market. Volatility across the crypto market drew traders back in the wake of the sell-off. 24-hour trading volumes jumped from sub-$90bn levels to $133bn levels before easing back.
At the time of writing, Bitcoin was up by 0.81% to $7,220.9. A bullish start to the day saw Bitcoin rise from an early morning low $7,130.0 to a high $7,242.1.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Bitcoin Cash SV and EOS led the way, with gains of 3.10% and 1.62% respectively.
Binance Coin, Ethereum, and Litecoin were also on the move, rising by 1.49%, 1.50%, and 1.45% respectively.
Stellar’s Lumen and Tron’s TRX bucked the trend early on, sliding by 1.05% and by 1.25% respectively.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the morning high $7,242.1 to support a run at the first major resistance level at $7,512.13.
Support from the broader market would be needed, however, to break out from $7,300 levels.
Barring a broad-based crypto rally, Monday’s high $7,414.4 would likely pin Bitcoin back.
In the event of a crypto breakout, Bitcoin could visit $7,600 levels before any pullback.
Failure to move back through the morning high $7,242.1 could see Bitcoin hit reverse.
A fall back through the morning low $7,130.0 would bring sub-$7,000 levels back into play.
Barring a broad-based crypto sell-off, however, Bitcoin should steer clear of the first major support level at $6,715.73.