Bitcoin rallied by 3.37% on Monday. Following on from a 3.21% gain from Sunday, Bitcoin ended the day at $8,912.0.
A mixed start to the day saw Bitcoin fall from $8,700 levels to a late morning intraday low $8,585.0.
Steering clear of the first major support level at $8,404.47, Bitcoin rallied to a late intraday high $9,001.9.
Bitcoin broke through the first major resistance level at $8,735.07 and the second major resistance level at $8,848.63.
Coming up short of the third major resistance level at $9,179.23, Bitcoin eased back to $8,900 levels late on.
It was Bitcoin’s first visit to $9,000 since 19th January. Bitcoin has found support as the coronavirus spreads and the death toll rises. Outperforming the more traditional safe havens, greater accessibility to the crypto market is leading to greater inflows at the time of strife. With Bitcoin demand on the rise, we have also seen the other crypto majors benefit as riskier assets take a hit.
This was the 2nd time this year that Bitcoin and the broader crypto market have seen such demand. Earlier in the month, rising tensions between the U.S and Iran had led to a sharp spike…
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, however, in spite of the bullish start to the week.
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.
Bitcoin Cash SV and EOS led the way, surging by 8.60% and by 8.64% respectively.
Bitcoin Cash ABC (+3.91%), Cardano’s ADA (+7.00%), and Litecoin (+4.19%) also saw solid gains.
Binance Coin (+0.92%), Ethereum (+1.31%), Monero’s XMR (+1.78%), Stellar’s Lumen (+1.87%), and Tron’s TRX (+1.09%) saw modest gains on the day.
Ripple’s XRP bucked the trend on Monday, however, falling by 0.26%.
Through the start of the week, the crypto total market cap rose from a Monday low $237.76bn to a high $247.4bn. At the time of writing, the total market cap stood at $245.47bn.
Bitcoin’s dominance held onto 66% levels supported by the solid gain at the start of the week.
Trading volumes also picked up, rising from sub-$80bn levels on Sunday to $106bn levels on Monday. At the time of writing, 24-hr volumes stood at $106.88bn.
At the time of writing, Bitcoin was up by 0.35% to $8,943.0. A bullish start to the day saw Bitcoin rise from an early morning low $8,912.0 to a high $8,945.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a bullish start to the day, with Bitcoin Cash SV (+3.62%) and Bitcoin Cash ABC (+1.64%) leading the way.
For the Bitcoin Day Ahead
Bitcoin would need to move back through Monday’s high $9,001.9 to support a run at the first major resistance level at $9,080.93.
Support from the broader market would be needed, however, for Bitcoin to break back through to $9,000 levels.
Barring another broad-based crypto rally, Monday’s high and first major resistance level would likely cap any upside.
In the event of another breakout, the bulls will be targeting $9,500 levels, which would bring the second major resistance level at $9,249.87 into play.
Failure to move back through the Monday’s high $9,001.9 could see Bitcoin hit reverse.
A fall back through to sub-$8,830 levels would bring the first major support level at $8,664.03 into play.
Barring a crypto meltdown, however, Bitcoin should steer well clear of Monday’s low $8,585.0.