In the early morning hours yesterday, Bitcoin (BTC) dropped from just over $5,600 to as low as $5,380 on Bitstamp, and major cryptocurrencies turned decisively bearish for the rest of the day. The bearish sentiment did not last long, however, and today, Bitcoin (BTC) has climbed from $5,400 to $5,500, boosting the Bitcoin (BTC) market cap to $98 billion. One more positive day for Bitcoin (BTC) is all it would take for the Bitcoin (BTC) market cap to hit the $100 billion mark, a level which has not been seen since early November.

There is solid support at $5,400 and resistance at $5,600. It will be critical to watch how the market reacts in the days and weeks following the CME Bitcoin futures expiration tomorrow. In 2018 during February, April, and July there were significant Bitcoin (BTC) rallies, only to be followed by a crash once the expiration happened. If Bitcoin (BTC) can hold steady or remain bullish following this expiration it would be confirmation that Bitcoin (BTC) is on a long term uptrend. If Bitcoin (BTC) turns bearish following the expiration, it would suggest that April was just a one month reprieve, and the bear market continues.

Most major cryptocurrencies were down 4 to 10% yesterday, but today major cryptocurrencies are mostly in the green and recovering some of their losses. Ethereum (ETH) is up 1.5%, Ripple (XRP) is up 1.6%, Bitcoin Cash (BCH) is up 3.1%, Litecoin (LTC) is up 2.7%, EOS is up 2.4%, Binance Coin (BNB) is up 5.6% with the Binance DEX going live for trading, Stellar (XLM) is up 2.7%, Cardano (ADA) is up 7.3%, Tron (TRX) is up 8.3%, Monero (XMR) is up 2.8%, Dash (DASH) is up 4%, and Dogecoin (DOGE) is up 0.6%.

Only a couple of major cryptocurrencies are in the red today. Bitcoin SV (BSV) is continuing to show weakness following the delisting from Binance and is down 1.6%. Tezos (XTZ) is down 1.9% following a two-month rally which broke earlier this week. Tezos (XTZ) is down 19% from its peak price on Tuesday, and the market has the appearance of a classic deflating bubble.

Over the past 24 hours, the total crypto market cap has gained $4.5 billion, rising from $174.5 billion to $179 billion. This is 79% above the bear market low of $100 billion reached in December. It is quite possible that the lows reached in December were the bear market bottom, but it is too early to say that the bear market is over.