The Bitcoin (BTC) market has become bullish after a bearish start to the month. On May 30, Bitcoin (BTC) briefly reached $9,000, before declining to support at $7,500 on June 6. After a few days oscillating near this support level, Bitcoin (BTC) began to consistently rise, and today, Bitcoin (BTC) reached a new 2019 high of $9,400. Simultaneously, the total crypto market cap hit a new 2019 high of $290 billion, which is 190% above the bear market low of $100 billion in December.

It appears there are a few fundamental reasons for the recent resurgence of bullish sentiment in the Bitcoin (BTC) market. Binance announced on Friday that users in the United States soon will be highly restricted, causing users to sell off altcoins and stablecoins for Bitcoin (BTC) in order to withdraw funds from Binance. This led to altcoins declining while Bitcoin (BTC) steadily rose.

Simultaneously, a controversial extradition bill in Hong Kong has resulted in capital outflows from Hong Kong. This is perhaps causing a surge in Bitcoin (BTC) buying since Bitcoin (BTC) is one of the most efficient mechanisms to move money offshore. Additionally, speculation regarding a potential war with Iran may be fueling Bitcoin (BTC) buying since Bitcoin (BTC) would be the perfect hedge against inflation and stock market weakness if war breaks out.

As for the technical specifics for today, there is resistance for Bitcoin (BTC) at $9,400. Additionally, the $10,000 mark is likely an important psychological resistance level, and if $10,000 is broken, it may confirm that Bitcoin (BTC) is in a true bull market. Bitcoin (BTC) has support at $9,100 and $8,800. Currently, Bitcoin (BTC) is trading near $9,300.

The crypto market is generally in the green today. Ethereum (ETH) is up 2.2% and trading near $274, Ripple (XRP) is up 1.7%, Bitcoin Cash (BCH) is up 1% and trading near $431, EOS is up 2.6% and is now trading above $7, Binance Coin (BNB) is up 5.6%, Bitcoin SV (BSV) is up 5.3%, Stellar (XLM) is up 0.7%, Cardano (ADA) is up 1.1%, Tron (TRX) is up 1.9%, Monero (XMR) is up 3.5% and trading near $99, Dash (DASH) is up 1.7% and trading near $159, Cosmos (ATOM) is up 9%, NEO is up 1%, Ethereum Classic (ETC) is up 0.9%, Tezos (XTZ) is up 2.2%, Zcash (ZEC) is up 6.6% and has reached the $100 mark, and Dogecoin (DOGE) is up 0.6%.

The only major cryptocurrencies in the red today are Litecoin (LTC) and IOTA (MIOTA) with losses of 2.3% and 2.2% respectively.

The total crypto market cap has gained $9 billion over the past 24 hours and $46 billion since June 9. Currently, the total crypto market cap is $288 billion, slightly below the new 2019 high of $290 billion reached earlier today.