It's a mixed start to the day for the majors after a tentative start to the week. Bitcoin would need to return to $8,700 levels to give support.
Bitcoin fell by 0.70% on Monday. Following on from a 2.17% slide on Sunday, Bitcoin ended the day at $8,638.2.
A mixed start to the day saw Bitcoin rise to an early morning high $8,720.0 before sliding to an early afternoon intraday low $8,519.6.
Steering clear of the first major support level at $8,375.97, Bitcoin recovered to a late intraday high $8,741.1 before falling back into the red.
Bitcoin came up well short of the first major resistance level at $9,095.47 on the day.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of last week’s gains.
For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.
Across the rest of the top 10 cryptos, it was a mixed day for the majors.
Bitcoin Cash SV led the way once more, rallying by 7.07%.
Bitcoin Cash ABC (+0.68%), EOS (+0.02%), and Stellar’s Lumen (+4.19%) also saw green.
It was a bearish start to the week for the rest, however.
Binance Coin (-0.58%), Ethereum (-0.04%), Litecoin (-0.76%), Monero’s XMR (0.40%), and Ripple’s XRP (-1.08%) joined Bitcoin in the red.
Through the start of the week, the crypto total market cap rose from a Monday low $234.19 to a high $241.07bn. At the time of writing, the total market cap stood at $239.735bn.
Bitcoin’s dominance eased back from 66% levels following the bearish start to the week.
Trading volumes continued to ease back. On Monday, volumes hit $122bn levels before falling back to sub-$100bn levels. At the time of writing, 24-hr volumes stood at $97.91bn.
At the time of writing, Bitcoin was up by 0.11% to $8,647.6. A mixed start to the day saw Bitcoin fall to an early morning low $8,620.1 before rising to a high $8,647.6.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was another mixed start to the day.
EOS (+0.12%) and Litecoin (+0.11%) joined Bitcoin in the green.
It was a bearish start for the rest, however, with Bitcoin Cash SV (-1.06%), Bitcoin Cash ABC (-0.75%), and Ripple’s XRP (-0.73%) leading the way down.
Bitcoin would need to steer clear of sub-$8,630 levels to support a run at the first major resistance level at $8,746.33.
Support from the broader market would be needed, however, for Bitcoin to break back through to $8,700 levels.
Barring a broad-based extended crypto rally on the day, the first major resistance and Monday’s high $8,741.1 would likely limit any upside.
In the event of another breakout, Bitcoin could test the second major resistance level at $8,854.47 before any pullback. We would expect Bitcoin to come up short of $9,000 levels on the day, however.
Failure to steer clear of sub-$8,630 levels could see Bitcoin struggle.
A fall through to sub-$8,360 levels would bring the first major support level at $8,524.83 into play.
Barring a broad-based crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,411.47.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.