Bitcoin rallied by 5.05% on Monday. Reversing a 3.67% fall from Sunday, Bitcoin ended the day at $8,018.8.
Whilst only partially reversing last week’s 12.7% slide, it was Bitcoin’s first hold onto $8,000 levels since 3rd June.
A bullish start to the day saw Bitcoin rise from an early intraday low $7,513.2 to $7,700 levels before easing back.
The early moves saw Bitcoin break through the 23.6% FIB of $7,718. A pullback to $7,600 levels was short-lived, with Bitcoin rallying to a mid-day intraday high $8,048.1.
Moving back through the 23.6% FIB, Bitcoin also broke through the first major resistance level at $7,898.43. A relatively range-bound 2nd half of the day saw Bitcoin ease back to sub-$8,000 levels.
Bitcoin tested sub-$8,000 support through the afternoon to support a move back through to $8,000 levels late in the day.
Across the top 10 cryptos, it was a sea of green for the majors.
Leading the way on the day was Litecoin, which surged by 13.01%. Ethereum came in a distant second with a 7.12% gain. Binance Coin rose by 6.8%. Bitcoin Cash ABC saw the most modest gains on the day, up by 3.01%.
Litecoin managed to follow on from last week’s 0.13% gain. From the rest of the pack, it was Bitcoin Cash SV that managed to reverse last week’s 4.07% loss with a 4.35% gain on the day.
In spite of Monday’s broad-based crypto rally, it has been a bearish start to June, however. Litecoin is the only major to be in positive territory, up by 13.4% to the end of Monday.
From the rest of the pack, EOS was the worst performer, down by 24.2% since the beginning of June.
There was no influence from the news wires on the day to support the Monday rally, which was likely in response to last week’s sell-off.
For Litecoin, however, this August’s halving event has continued to provide support.
At the time of writing, Bitcoin was down by 0.49% to $7,979.9. A bearish start to the day saw Bitcoin fall from a morning high $8,049 to a low $7,953.2.
Bitcoin steered clear of the major support and resistance levels early on.
Elsewhere, Bitcoin Cash SV and Bitcoin Cash ABC bucked the trend early on, with gains of 0.39% and 0.27% respectively.
For the rest of the pack, it was a bearish start to the day, with Binance Coin and EOS leading the way down. At the time of writing, Binance Coin was down by 1.04%, with EOS down by 0.84%.
Some profit taking off the back of Monday’s broad-based crypto rally was to be expected in the early hours.
For the day ahead
Bitcoin would need to hold onto $7,900 levels through the morning to support a return to $8,000 levels later in the day.
Another broad-based crypto rally would be needed, however, for Bitcoin to take a run at the first major resistance level at $8,206.8.
Barring another crypto rally, Bitcoin would likely struggle to break out from Monday’s high $8,048.
Failure to hold onto $7,900 levels could see Bitcoin slide deeper into the red. A fall through $7,860 would bring the first major support level at $7,672 into play.
Barring an extended sell-off through the day, Bitcoin would likely steer clear of $7,500 levels and Monday’s low $7,513.2.