After a bullish start to the week for Bitcoin and the broader market, a Bitcoin move back through to $65,000 levels would signal a breakout...
Bitcoin, BTC to USD, rallied by 3.73% on Monday. Reversing a 0.73% loss from Sunday, Bitcoin ended the day at $63,100.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $60,632.0 before making a move.
Steering clear of the first major support level at $59,761, Bitcoin rallied to a late afternoon intraday high $63,666.0.
Bitcoin broke through the first major resistance level at $61,704 and the second major resistance level at $62,562.
Late in the day, Bitcoin briefly fell back to $62,500 levels before ending the day at $63,100 levels. The second major resistance level at $62,562 delivered support late in the day.
The near-term bullish trend remained intact, supported the latest return to $66,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.
Across the rest of the majors, it was a bullish day on Monday.
Chainlink rallied by 8.94% to lead the way, with Crypto.com Coin (+5.96%), Ethereum (+3.40%), and Litecoin (+2.62%) also finding strong support.
Binance Coin (+1.94%), Bitcoin Cash SV (+0.24%), Cardano’s ADA (+1.20%), Polkadot (+1.58%), and Ripple’s XRP (+1.12%) trailed the front runners, however.
Early in the week, the crypto total market fell to an early Monday low $2,597bn before rising to a Monday high $2,649bn. At the time of writing, the total market cap stood at $2,634bn.
Bitcoin’s dominance fell to an early Monday low 45.00% before rising to a high 45.53%. At the time of writing, Bitcoin’s dominance stood at 45.08%.
At the time of writing, Bitcoin was down by 0.12% to $63,021.4. A mixed start to the day saw Bitcoin rise to an early morning high $63,158.0 before falling to a low $62,873.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV bucked the early trend, rising by 0.08%.
It was a bearish start for the rest of the majors, however.
At the time of writing, Chainlink was down by 0.59% to lead the way.
Bitcoin would need to avoid the $62,466 pivot to bring the first major resistance level at $64,300 into play.
Support from the broader market would be needed for Bitcoin to break out from Monday’s high $63,666.0.
Barring a broad-based crypto rally, the first major resistance level would likely cap the upside.
In the event of another breakout, Bitcoin could test resistance the second major resistance level at $65,500.
A fall through the $62,466 would bring the first major support level at $61,266 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$60,000 levels, however. The second major support level sits at $59,432.
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.