Around noon Eastern time, Bitcoin (BTC) spiked within 30 minutes from $8,700 to a new 2019 high of $9,030, and simultaneously the total crypto market cap hit a new 2019 high of $286 billion, which is 186% above the bear market low of $100 billion in December. However, Bitcoin (BTC) quickly gave back all of those gains and fell to $8,600 by 1 p.m. Around 4 p.m. Bitcoin (BTC) began to rapidly drop again, breaking below support at $8,400 and dropping as low as $8,000. Bitcoin (BTC) bounced off of support and is currently trading near $8,200.

There appears to be strong resistance for Bitcoin (BTC) around $9,000. Meanwhile the Bitstamp order book depth chart indicates strong support at $8,000. It is critical for the $8,000 support level to hold or a much bigger drop would be possible.

Earlier today the crypto market surged into the green, but now there is red across the board. Ethereum (ETH) is down 8.3%, Ripple (XRP) is down 7.5%, Bitcoin Cash (BCH) is down 8.1%, EOS is down 12.4%, Litecoin (LTC) 8.4%, Binance Coin (BNB) is down 6.6%, Bitcoin SV (BSV) is down 1%, Stellar (XLM) is down 6.8%, Cardano (ADA) is down 11.3%, Tron (TRX) is down 11%, Monero (XMR) is down 5.7%, Dash (DASH) is down 6.1%, IOTA (MIOTA) is down 10.2%, abd Tezos (XTZ) is down 7.8%.

A couple of major cryptocurrencies are still in the green at this moment. Cosmos (ATOM) is up 14.5% and Dogecoin (DOGE) is up 3.4%. These cryptocurrencies have given back most of their gains from earlier in the day however.

The total crypto market cap is currently $259 billion, which is down $16 billion from 24 hours ago and down $27 billion since the crypto market peak at noon.

The CME Bitcoin futures expiration is tomorrow at 11 a.m. Eastern time, and the CME Bitcoin futures expiration has often been associated with trend shifts in the Bitcoin (BTC) market. It will be important to watch how Bitcoin’s (BTC) price evolves during the week following the expiration.