Bitcoin rallied by 5.35% on Monday. Following a 0.08% decline from Sunday, Bitcoin ended the day at $7,757.9.
A bullish start to the day saw Bitcoin rise from an early morning intraday low $7,358 to a late intraday high $7,785.0.
Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $7,477.73 and second major resistance level at $7,590.87.
The third major resistance level at $7,785 pinned Bitcoin Back late in the day.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of the start of the week rebound.
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 also a bullish day for the majors.
Ripple’s XRP and Stellar’s Lumen led the way, rallying by 14.6% and 10.9% respectively.
Bitcoin Cash ABC (+9.7%), Monero’s XMR (+9.7%), and Tron’s TRX (+7.4%) also saw solid gains.
Binance Coin (+6.6%), Bitcoin Cash SV (+6.9%), EOS (+6.3%), Ethereum (+6.6%), and Litecoin (+5.8%) weren’t far behind.
Through the start of the week, the crypto total market cap jumped to a Monday high $208 6bn. At the time of writing, the total market cap stood at $210.05bn, with the majors seeing further upside early this morning
Bitcoin’s dominance eased back from 68% levels, with a broader market rally delivering stronger gains elsewhere on Monday. Trading volumes hit $83bn levels on Monday. At the time of writing, volumes were at $84bn levels.
At the time of writing, Bitcoin was up by 1.44% to $7,869.3. A particularly bullish start to the day saw Bitcoin rise from an early morning low $7,758.8 to a high $7,870.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Monero’s XMR (+1.36%) and Tron’s TRX (+1.41%) also found strong support early on.
Binance Coin (+0.91%), Bitcoin Cash ABC (+0.88%), Bitcoin Cash SV (+0.81%), EOS (+0.32%), Ethereum (+0.41%), Litecoin (+0.37%), and Stellar’s Lumen (+0.56%) were also saw green.
Ripple’s XRP bucked the trend early on, however, falling by 0.07%.
For the Bitcoin Day Ahead
Bitcoin would need to hold onto $7,800 levels to support a run at the first major resistance level at $7,909.27.
Support from the broader market would be needed for Bitcoin to break through to $7,900 levels.
Barring an extended crypto rally on the day, resistance at $8,000 would likely limit any upside.
In the event of another broad-based crypto rally, the second major resistance level at $8,060.63 would likely provide little resistance. A visit to $8,200 levels could be on the cards before any pullback.
Failure to hold onto $7,800 levels could see Bitcoin hit reverse.
A fall through the morning low to sub-$7,630 levels would bring the first major resistance level at $7,482.27 into play.
Barring a crypto meltdown, however, Bitcoin should steer clear of sub-$7,400 levels.