Monday proved to be a surprisingly fruitful day for Bitcoin (BTC) price every bit the digital asset rallied 12.73% to $6,599 before pulling back to $vi,380 a few hours after.

Despite gloomy news of the U.Due south. reaching 3,000 deaths from the Coronavirus and major retailers furloughing 500,000 workers, traditional markets also surged on Mon. The Due south&P 500 rallied 3.35% while the Dow and Nasdaq gained 3.19% and 3.62% respectively.

Crypto market daily price chart

Crypto marketplace daily cost chart. Source: Coin360

As discussed in a recent assay, the price of Bitcoin needed to reclaim the $6,200 level to avert a revisit to $5,870. Retaking $6,200 placed the price above the descending trendline and the 23.vi% Fibonacci retracement level.

BTC USDT 4-hour chart

BTC USDT four-hr chart. Source: TradingView

Earlier in the day Cointelegraph contributor Michaël van de Poppe suggested that once above $6,200 the cost could apace rise to $6,600 and traders will annotation that today the cost sliced through the volume gap from $6,250-$half-dozen,590 on the VPVR indicator.

Despite today's impressive gain, van de Poppe believes that while below $6,900 Bitcoin price remains surly and he expects the price to run across stiff resistance once $six,600 is reached.

According to van de Poppe, both "bull/bear scenarios pivot around the $6,600 area" and he further explained that:

"The moment that the $vi,600 area is rejected and the CME gap is closed, further downward pressure is expected to occur."

BTC USDT daily chart

BTC USDT daily chart. Source: TradingView

A push above $half-dozen,900 wouldn't necessarily be the cure-all for Bitcoin's bearish slant every bit there is a large high book VPVR node at $7,200 and this level is expected to function as a strong resistance. Once above $7,200 traders volition set their targets on the $8,000 where the l and 200-day moving averages are currently situated.

Bitcoin daily price chart

Bitcoin daily price chart. Source: Coin360

The bulk of the top-ten altcoins also posted moderate gains every bit Bitcoin cost surged toward $6,600. Ether (ETH) notched a iii.57% gain while Bitcoin SV (BSV) and Binance Coin (BNB) added nine.66% and 5.50% respectively.

The overall cryptocurrency market cap now stands at $180.7 billion and Bitcoin's dominance rate is 65.2%.

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