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.
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.
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