Bitcoin, BTC to USD, rose by 0.89% on Monday. Following a 4.70% rally on Sunday, Bitcoin ended the day at $57,840.

Following a choppy start to the day, Bitcoin fell to a late morning intraday low $56,764 before making a move.

Steering clear of the first major support level at $54,720, however, Bitcoin rallied to a late intraday high $58,888. Bitcoin broke through the first major resistance level at $58,731 before easing back to end the day at sub-$58,000 levels.

The near-term bullish trend remained intact, in spite of the latest pullback to sub-$54,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 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.

Ethereum (+3.51%) and Litecoin (+3.06%) led the way.

Binance Coin (+2.05%), Cardano’s ADA (+0.50%), Chainlink (+2.92%),  Crypto.com Coin (+1.97%), Polkadot (+2.87%), and Ripple’s XRP (+2.20%) also found support.

Bitcoin Cash SV bucked the trend, however, falling by 0.43%.

Early in the week, the crypto total market fell to a Monday low $2,504bn before rising to a Monday high $2,599bn. At the time of writing, the total market cap stood at $2,588bn.

Bitcoin’s dominance rose to a Monday high 42.92% before falling to an early Tuesday low 42.27%. At the time of writing, Bitcoin’s dominance stood at 42.29%.

This Morning

At the time of writing, Bitcoin was up by 0.16% to $57,932. A mixed start to the day saw Bitcoin fall to an early morning low $57,553 before rising to a high $57,956.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

At the time of writing, Crypto.com Coin was down by 3.95% to buck the early trend.

It was a bullish start for the rest of the majors, however, with Ripple’s XRP up by 1.41% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $57,831 pivot to bring the first major resistance level at $58,897 into play.

Support from the broader market would be needed for Bitcoin to break out from Monday’s high $58,888.

Barring an extended crypto rally, the first major resistance level would likely cap the upside.

In the event of an extended rally, Bitcoin could test resistance at $61,000 levels before easing back. The second major resistance level sits at $59,955.

A fall back through the $57,831 pivot would bring the first major support level at $56,773 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$56,000 levels. The second major support level sits at $55,707.

Source: https://www.fxempire.com

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