Bitcoin was amongst the front runners at the start of the week.
Bitcoin gained 1.83% on Monday. Reversing a 0.34% loss from Sunday, Bitcoin ended the day at $5,417.8.
The bullish start to the week came off the back of a 2.5% rise in the week ending 21st April.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $5,276.5 before making a move. Steering clear of the first major support level at $5,261.93, Bitcoin rallied to a late afternoon intraday high $5,459.5.
The afternoon rally saw Bitcoin break through the first major resistance level at $5,374.93 and second major resistance level at $5,427.97 before easing back.
For the bulls, Monday’s gain was a 6th day in the green out of the last 7. Of greater significance was Bitcoin’s hold onto $5,400 levels by the day’s end.
It was Bitcoin’s highest end of day price since 18th November’s $5,659.5 and highest intraday since 19th November’s $5,659.5.
Across the top 10 cryptos, it was a mixed bag for the majors. Following an impressive run through the 2nd half of last week, Binance saw red, falling by 0.97%. Joining Binance was Litecoin, which fell by 0.44%.
For Binance, having made solid gains in recent weeks, some profit taking at the start of the week was in line with last week’s trend. Litecoin also suffered a similar fate, having been on the move since the turn of the year in anticipation of this year’s halving event.
Leading the way amongst the top 10 was Cardano’s ADA, which rallied by 6.22%. After a particularly bullish run since February, that led to a 2019 high $0.103722, it’s been bearish since. Cardano’s ADA had tumbled to $0.071 levels before finding support.
At the time of writing, Bitcoin was up by just 0.02% to $5,418.9. Recovering from an early morning low $5,387.5, Bitcoin moved to a morning high $5,433 before easing back.
Whilst leaving the major support and resistance levels untested, support at sub-$5,400 was key in the early hours.
Elsewhere, Cardano’s ADA continued its revival, up by 1.08% at the time of writing to lead the way amongst the majors.
It’s been a mixed start to the day, however, with Bitcoin Cash ABC, EOS and Stellar’s Lumen seeing minor losses. For the rest of the pack, the majors struggled for direction early on.
For the day ahead,
Bitcoin would need to hold onto $5,400 levels through the morning to support a run at the first major support level at $5,479.03.
Support from the broader market would be needed for a breakthrough Monday’s high $5,439.0, however. Barring a broad-based crypto rally, Bitcoin will likely struggle to break through to $5,500 levels.
In the event of a crypto breakout, Bitcoin could take a run at the second major resistance level at $5,540.27.
Failure to hold onto $5,400 levels could see Bitcoin struggle through the day. A pullback through the morning low $5,387.5 to $5,360 levels would bring the first major support level at $5,316.53 into play.
Barring a broad-based crypto sell-off, Bitcoin would likely steer clear of sub-$5,300 support levels on the day.
For the broader market, Bitcoin at $5,500 could fuel another broad-based rally…