Bitcoin, BTC to USD, slid by 8.93% on Monday. Following a 2.24% decline on Sunday, Bitcoin ended the day at $43,025.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $47,327.0 before hitting reverse.
Falling short of the first major resistance level at $48,127, Bitcoin tumbled to a midday intraday low $42,567.0.
Bitcoin fell through the day’s major support levels before briefly revising $44,000 levels.
Coming up against the third major support level at $44,416, however, Bitcoin slid back to end the day at sub-$44,000 levels.
The near-term bullish trend remained intact, in spite of the latest return to $42,000 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.
Early in the week, the crypto total market rose to a Monday high $2,122bn before sliding to a Tuesday low $1,863bn. At the time of writing, the total market cap stood at $1,870bn.
Bitcoin’s dominance fell to a Monday low 41.89% before rising to a Monday high 42.76%. At the time of writing, Bitcoin’s dominance stood at 42.38%.
At the time of writing, Bitcoin was down by 2.51% to $41,943.0. A bearish start to the day saw Bitcoin fall from an early morning high $43,028.0 to a low $41,935.0.
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 4.89% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $44,306 pivot to bring the first major resistance level at $46,046 into play.
Support from the broader market would be needed for Bitcoin to break out from $45,000 levels.
Barring a broad-based crypto rally, the first major resistance level and resistance at $47,000 would likely cap the upside.
In the event of a broad-based crypto rebound, Bitcoin could test resistance at $50,000 levels before any pullback. The second major resistance level sits at $49,066.
Failure to move through the $44,306 pivot would bring the 38.2% FIB of $41,592 and the first major support level at $41,286 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$40,000 levels. The second major support level sits at $39,546.