Bitcoin fell by 1.32% on Monday. Following on from a 9.47% tumble from Sunday, Bitcoin ended the day at $7,967.3.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $8,215.0 before hitting reverse.
Falling short of the major resistance levels, Bitcoin came up against the 23.6% FIB of $8,200 before falling to a mid-afternoon intraday low $7,700.0.
The reversal saw Bitcoin fall through the first major support level at $7,771.8 before steadying.
Through the latter part of the day, Bitcoin recovered to $7,900 levels to limit the loss on the day. The recovery saw Bitcoin break back through the first major support level at $7,771.8.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin falling back to sub-$8,000 levels.
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 mixed day.
Bitcoin Cash ABC (+0.50%), Bitcoin Cash SV (+1.01%), EOS (+0.36%), Ethereum (+1.63%), Ripple’s XRP (+2.70%), Stellar’s Lumen (+4.73%), and Tron’s TRX (+2.97%) saw green on the day.
It was bearish for the rest of the pack, however.
Binance Coin (-1.72%), Cardano’s ADA (-3.09%), Litecoin (-1.13%), Monero’s XMR (-1.64%), and Tezos (-1.88%) joined Bitcoin in the red.
Through the start of the week, the crypto total market cap slid from a Monday high $233.12bn to a low $219.19bn. At the time of writing, the total market cap stood at $226.82bn.
Bitcoin’s dominance visited 64% levels after having fallen to sub-63.2% levels last week. At the time of writing, Bitcoin’s dominance stood at 63.8%.
Trading volumes hit $184bn levels on Monday before easing back, with market volatility driving up volumes. At the time of writing, 24-hr volumes stood at $169.72bn.
At the time of writing, Bitcoin was down by 0.25% to $7,947.1. A relatively bearish start to the day saw Bitcoin fall from an early morning high $7,979.8 to a low $7,927.5.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day for the majors, with Bitcoin Cash ABC falling by 1.42% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through to $7,960 levels to bring the first major resistance level at $8,221.53 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from the 23.6% FIB of $8,200.
Barring a broad-based crypto rebound, the 23.6% FIB and Monday’s high $8,215 would likely leave Bitcoin short of the major resistance levels.
Failure to move through $7,960 levels could see Bitcoin struggle throughout the day.
A fall back through to sub-$7,900 levels would bring the first major support level at $7,706.53 into play.
Barring another crypto meltdown, however, Bitcoin should steer clear of the second major support level at $7,445.77.