Bitcoin, BTC to USD, rose by 3.39% on Monday. Reversing a 0.18% loss from Sunday, Bitcoin ended the day at $57,675.0.
A bearish start to the day saw Bitcoin fall to an early morning intraday low $54,831.0 before making a move.
Bitcoin fell through the first major support level at $54,850 before rallying to a late morning intraday high $58,492.0.
The morning rally saw Bitcoin break through the first major resistance level at $56,659 and the second major resistance level at $57,539.
Through the 2nd half of the day, Bitcoin eased back through the second major resistance level to sub-$57,200 levels before ending the day at $57,500 levels.
The second major resistance level at $57,539 pinned Bitcoin back late in the day.
The near-term bullish trend remained intact in spite of the recent pullback. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 to form a near-term bearish trend.
For Bitcoin and the broader market, news of Visa allowing the use of USD Coin to settle transactions drove demand for the major cryptos on the day.
Monday’s news was yet more positive for the crypto world that continues to make further linkages with the real world.
The Rest of the Pack
Across the rest of the majors, it was a bullish day on Monday.
Ethereum rallied by 7.64% to lead the way.
In early part of the week, the crypto total market fell to a Monday low $1,671bn before rising to a Monday high $1,813bn. At the time of writing, the total market cap stood at $1,768bn.
Bitcoin’s dominance fell to a Monday low 60.14% before rising to a Monday high 61.31%. At the time of writing, Bitcoin’s dominance stood at 60.73%.
At the time of writing, Bitcoin was down by 0.21% to $57,556.6. A mixed start to the day saw Bitcoin rise to an early morning high $57,729.0 before falling to a low $57,479.7.
Elsewhere, it was a mixed start to the day.
Chainlink and Crypto.com Coin were up by 0.42% and by 0.23% respectively to buck the trend early on.
It was a bearish start for the rest of the majors, however.
At the time of writing, Binance Coin and Ripple’s XRP were down by 0.71% and by 0.73% respectively to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $56,999 to bring the first major resistance level at $59,168 into play.
Support from the broader market would be needed for Bitcoin to break out from Monday’s high $58,492.0.
Barring an extended crypto rally, the first major resistance level and resistance at $60,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at 14th March swing hi $61,699.0 before easing back. The second major resistance level sits at $60,660.
Failure to avoid a fall through the $56,999 pivot would bring the first major support level at $55,507 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$55,000 levels. The second major support level sits at $53,338.