Bitcoin rallied by 4.28% on Monday. Reversing a 0.78% loss from Sunday, Bitcoin ended the day at $9,697.7.
It was a bullish day for Bitcoin and the broader market.
Bitcoin rallied from an early morning intraday low $9,285.2 to a late intraday high $9,795.0 before easing back.
The day-long rally saw Bitcoin break through the day’s major resistance levels to briefly visit $9,700. It was a first visit to $9,700 levels since 11th June.
In spite of a late pullback, Bitcoin avoided a fall back through the third major resistance level at $9,610.47.
The near-term bullish trend remained intact in spite of a 2nd consecutive week in the red last week. Bitcoin continues to hold above the 23.6% FIB of $8,900.
For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was also a bullish start to the week.
Cardano’s ADA and Ethereum led the day, with gains of 6.61% and 6.82% respectively.
Bitcoin Cash ABC (+4.67%), Bitcoin Cash SV (+3.90%), and Stellar’s Lumen (+4.14%) weren’t far behind.
Binance Coin (+3.38%), EOS (+3.10%), Litecoin (+3.12%), Monero’s XMR (+2.50%), Ripple’s XRP (+1.91%), Tezos (+3.69%), and Tron’s TRX (+3.37%) trailed the front runners.
Through the start of the week, the crypto total market cap rose from a Monday low $258.11bn to a high $272.54bn. At the time of writing, the total market cap stood at $269.26bn.
Bitcoin’s dominance fell to a Monday low 65.82% before jumping to a high 66.28%. At the time of writing, Bitcoin’s dominance stood at 66.05%.
At the time of writing, Bitcoin was down by 0.26% to $9,672.4. A mixed start to the day saw Bitcoin rise to an early morning high $9,724.0 before falling to a low $9,672.1.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day for the majors.
Bitcoin Cash SV (+0.30%) and Monero’s XMR (+0.02%) were in the green at the time of writing.
It was a bearish start to the day for the rest of the majors, however.
Tezos was down by 1.10% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the $9,590 pivot to support a run at the first major resistance level at $9,900.
Support from the broader market would be needed, however, for Bitcoin to break out from Monday’s high $9,795.0.
Barring another extended crypto rally, the first major resistance level at $9,900 would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test the second major resistance level at $10,102.43.
Failure to avoid the $9,590 pivot level could see Bitcoin struggle on the day.
A fall through the pivot would bring the first major support level at $9,390.27 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer well clear of the second major support level at $9,092.83.