On Monday, Bitcoin surged 1.79% to $56,562.50 with a 24-hour change of $994.80, climbing to its five-month high. Meanwhile, altcoins mixed with a majority of them traded lower.
Currently, the world’s most popular cryptocurrency stands with a market capitalization of $1.07 trillion.
In addition, it has a 24-hour volume of $38.71 billion with a $54,474.95 low and $56,964.66 high.
Accordingly, Bitcoin fell to an early Monday low of $54,430.0 before jumping to a high of $55,635.00.
Consequently, it left the significant support and resistance levels untested early on.
In this week, the virtual coin must avoid the $52,626.00 pivot to support the run of its first major resistance level at $56,071.70.
Meanwhile, Bitcoin returned to its bullish trajectory as it has boosted to 13.37% in the past seven days.
Last week, Bitcoin fell to a Monday intraweek low of $46,897.00, and it drove to its first major support level at $42,965.00.
It breached through the 23.60% Fibonacci retracement level of $50,473.00 with its first major resistance level at $51,357.00.
Following the surge, the virtual coin steered to its second major resistance level at $54,473.00.
Consequently, it closed out the week above the second major resistance level despite the pullback to sub-$55,000.00 levels.
BTC also significantly improved from its September dip of $40,000.00, while financial markets focused on the progress of the US debt ceiling,
Meanwhile, Chinese regulators added cryptocurrency mining to their negative list that detailed industries off-limits to Chinese and foreign investors.
This year, China banned virtual currency trading and mining as they vowed to eliminate illegal crypto transactions.
Ethereum Up as Crypto Mix on the Hike of Bitcoin
Meanwhile, Ethereum climbed 0.33% to $3,589.63 with a market capitalization of $422.36 billion and a 24-hour volume of $17.64 billion.
At the same time, Litecoin improved 1.71% to $184.34 with a market capitalization of $12.60 billion and a 24-hour volume of $3.01 billion.
Conversely, Cardano plummeted 1.20% to $2.23 with a market capitalization of $71.35 billion and a 24-hour volume of $2.20 billion.
Similarly, Solana plunged 3.17% to $151.47. It has a market capitalization of $45.40 billion and a 24-hour volume of $1.63 billion.
Then, Bitcoin Cash shed 0.90% to $609.53. It stands with a market capitalization of $11.49 billion and a 24-hour volume of $1.06 billion.