Bob MasonTue, October 12, 2021, 3:22 AM
Bitcoin, BTC to USD, rose by 5.14% on Monday. Reversing a 0.52% decline from Sunday, Bitcoin ended the day at $57,489.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $54,430.0 before making a move.
Steering clear of the first major support level at $53,720, Bitcoin rose to a late intraday high $57,821.0.
Bitcoin broke through the first major resistance level at $56,056 and the second major resistance level at $57,421.
A late pullback saw Bitcoin briefly fall back through the second major resistance level to sub-$57,000 levels.
Finding late support, however, Bitcoin wrapped up the day at $57,480 levels.
The near-term bullish trend remained intact, supported the latest return to $57,000 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 mixed day on Monday.
Polkadot slid by 5.73% to lead the way down, with Chainlink falling by 1.74%.
Cardano’s ADA (-0.83%), also saw red on the day.
It was a bullish start to the week for the rest of the majors, however.
Early in the week, the crypto total market fell to a Monday low $2,272bn before rising to a Monday high $2,382bn. At the time of writing, the total market cap stood at $2,334bn.
Bitcoin’s dominance fell to a Monday low 44.83% before rising to a Monday high 46.18%. At the time of writing, Bitcoin’s dominance stood at 45.93%.
At the time of writing, Bitcoin was down by 0.98% to $56,927.0. A bearish start to the day saw Bitcoin fall from an early morning high $57,470.0 to a low $56,888.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day.
At the time of writing, Crypto.com Coin was down by 1.90% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $56,580 pivot to bring the first major resistance level at $58,730 into play.
Support from the broader market would be needed for Bitcoin to break back through to $58,000 levels.
Barring a broad-based crypto rally, the first major resistance level would likely cap the upside.
In the event of a broad-based crypto rally, Bitcoin could test resistance at $60,000 levels before any pullback. The second major resistance level sits at $59,971.
A fall through the $56,580 would bring the first major support level at $55,339 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$55,000, The second major support level sits at $53,189.
This article was originally posted on FX Empire