Bitcoin, BTC to USD, rallied by 5.71% on Monday. Reversing a 1.74% decline from Sunday, Bitcoin ended the day at $46,282.2.
A bearish start to the day saw Bitcoin fall to an early morning intraday low $42,790.0 before making a move.
Bitcoin fell through the first major support level at $42,979 before rallying to a late afternoon intraday high $46,438.0.
Bitcoin broke through the first major resistance level at $44,929 and the second major resistance level at $46,064.
A late pullback saw Bitcoin fall back through the major resistance levels before a break back through to $46,000 levels.
The late rebound saw Bitcoin break back through the first and second major resistance levels to end the day at $46,200 levels.
The near-term bullish trend remained intact, supported by the latest return to $46,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Monday.
Polkadot fell by 0.90% to buck the trend on the day.
It was a bullish day for the rest of the majors, however.
Litecoin surged by 11.09% to lead the way.
Early in the week, the crypto total market fell to a Monday low $1,696bn before rising to a Monday high $1,866bn. At the time of writing, the total market cap stood at $1,833bn.
Bitcoin’s dominance rose to a Monday high 47.44% before falling to a Monday low 46.99%. At the time of writing, Bitcoin’s dominance stood at 47.22%.
At the time of writing, Bitcoin was down by 0.39% to $46,100.0. A mixed start to the day saw Bitcoin rise to an early morning high $46,695.0 before falling to a low $45,900.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin and Polkadot were up by 1.78% and by 0.28% respectively to buck the trend early on.
It was a bearish start for the rest of the majors, however.
At the time of writing, Ripple’s XRP was down by 0.98% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $45,170 pivot to bring the first major resistance level at $47,550 into play.
Support from the broader market would be needed for Bitcoin to break out from Monday’s high $46,438.0.
Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $48,818.
A fall through the $45,170 pivot would bring the first major support level at $43,902 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$43,000 levels. The second major support level sits at $41,522.