After a mixed day for the majors on Monday, a Bitcoin return to $63,000 levels would signal a broad-based crypto rally.
Bitcoin, BTC to USD, rose by 0.79% on Monday. Following a 1.05% gain on Sunday, Bitcoin ended the day at $61,994.0.
A mixed start to the day saw Bitcoin rise to a late morning intraday high $62,682.0 before hitting reverse.
Bitcoin broke through the first major resistance level at $62,313 before falling to an early afternoon intraday low $59,883.0.
Finding support at the first major support level at $59,857, Bitcoin revisited $62,000 levels before easing back.
The near-term bullish trend remained intact, supported the latest return to $62,000 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 mixed day on Monday.
Binance Coin rose by 2.99% to lead the way, with Litecoin (+1.01%) also joining Bitcoin in the green.
It was a bearish day for the rest of the majors, however.
Chainlink and Polkadot slid by 3.13% and by 3.02% respectively to lead the way down.
Bitcoin Cash SV (-0.54%), Cardano’s ADA (-1.37%), Crypto.com Coin (-1.52%), Ethereum (-2.65%), Ripple’s XRP (-1.05%) also saw red, however.
Early in the week, the crypto total market rose to a Monday high $2,509bn before falling to a Monday low $2,421bn. At the time of writing, the total market cap stood at $2,486bn.
Bitcoin’s dominance fell to a Monday low 46.57% before rising to a Monday high 47.29%. At the time of writing, Bitcoin’s dominance stood at 47.09%.
At the time of writing, Bitcoin was down by 0.01% to $61,987.0. A mixed start to the day saw Bitcoin rise to an early morning high $62,049.7 before falling to a low $61,804.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (-0.05%), Chainlink (-0.11%), and Polkadot (-0.18%) saw red early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was up by 0.39% to lead the way.
Bitcoin would need to avoid the $61,520 pivot to bring the first major resistance level at $63,156 into play.
Support from the broader market would be needed for Bitcoin to break through to $63,000 levels.
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 at $65,000 levels before any pullback. The second major resistance level sits at $64,319.
Bitcoin would need plenty of support, however, to breakout from 14th April 2021’s swing hi $64,829.0
A fall through the $61,520 would bring the first major support level at $60,357 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$59,000 levels, The second major support level sits at $58,721.
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.