Bitcoin, BTC to USD, fell by 2.33% on Monday. Reversing a 1.11% gain from Sunday, Bitcoin ended the day at $42,181.0.
A bullish start to the day saw Bitcoin rise to an early morning intraday high $44,356.0 before hitting reverse.
Falling short of the first major resistance level at $44,502, Bitcoin slid to a late intraday low $42,135.0.
Steering clear of the 38.2% FIB of $41,592 and the first major support level at $41,399, Bitcoin ended the day at $42,180 levels.
The near-term bullish trend remained intact, in spite of the latest return to sub-$40,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a bearish day on Monday.
Chainlink slid by 6.32% to lead the way down.
Early in the week, the crypto total market rose to a Monday high $1,997bn before sliding to an early Tuesday low $1,880bn. At the time of writing, the total market cap stood at $1,902bn.
Bitcoin’s dominance fell to a Monday low 41.79% before rising to a Monday high 42.15%. At the time of writing, Bitcoin’s dominance stood at 41.94%.
At the time of writing, Bitcoin was up by 0.45% to $42,369.0. A mixed start to the day saw Bitcoin fall to an early morning low $42,000.0 before rising to a high $42,386.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin bucked the early trend, falling by 2.60%.
It’s been a bullish start for the rest of the majors, however.
At the time of writing, Bitcoin Cash SV was up by 1.48% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $42,891 pivot to bring the first major resistance level at $43,646 into play.
Support from the broader market would be needed for Bitcoin to break out from $43,500 levels.
Barring a broad-based crypto rally, the first major resistance level and Monday’s high $44,356 would likely cap the upside.
In the event of a broad-based crypto rally, Bitcoin could test resistance at $45,000 levels before any pullback. The second major resistance level sits at $45,112.
Failure to move through the $42,891 pivot would bring the 38.2% FIB of $41,592 and the first major support level at $41,425 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$40,000. The second major support level at $40,670 should limit the downside.
This article was originally posted on FX Empire