Bitcoin (BTC) hit a new 2019 high of $11,470 at 7 a.m. Eastern time this morning, wrapping up a $700 rally that began yesterday afternoon around 5 p.m. After hitting the new 2019 high, Bitcoin (BTC) quickly dropped, but found support at $11,100 around 8 a.m. Since then, Bitcoin (BTC) has been steadily rising and is currently trading near $11,400.
Now, the market is waiting to see if Bitcoin (BTC) will be able to break through resistance at $11,400-$11,500 and continue its recent bull run. There is plenty of buying pressure on the market, making it more likely than not that Bitcoin (BTC) will have a chance at breaking through this resistance and achieving yet another 2019 high.
The trend is certainly Bitcoin’s (BTC) friend. In the past week, Bitcoin (BTC) has gained $2,400 (27%), and since June 7 Bitcoin (BTC) has gained $3,800 (50%).
After achieving new all-time highs in the past week, the stock market is showing some weakness today, with the Dow Jones Industrial Average (DJIA) declining 180 points. If stocks continue to weaken tomorrow, that could help Bitcoin (BTC) break through resistance. Further, tensions continue to escalate between Iran and the United States, with the President of the United States threatening to obliterate Iran. If war does end up breaking out, that would likely cause a major, long-term Bitcoin (BTC) rally due to the ensuing stock market weakness and fiat inflation. As well, speculation regarding this potential war may account for Bitcoin’s (BTC) price increase in recent weeks.
Although Bitcoin (BTC) posted a new 2019 high today, the rest of the crypto market is mixed, continuing the trend of Bitcoin (BTC) doing better than the rest of the crypto market on average. Bitcoin Cash (BCH) is down 0.1%, Litecoin (LTC) is down 0.6%, EOS is down 1.2%, Binance Coin (BNB) is down 2%, Tron (TRX) is down 0.6%, Cardano (ADA) is down 1.8%, Stellar (XLM) is down 2.5%, Monero (XMR) is down 3.7%, Dash (DASH) is down 0.2%, Cosmos (ATOM) is down 0.8%, IOTA (MIOTA) is down 1.8%, Ethereum Classic (ETC) is down 1.3%, Zcash (ZEC) is down 3.2%, and Dogecoin (DOGE) is down 0.8%.
A handful of major cryptocurrencies have managed to gain today. Ethereum (ETH) is up 0.4%, Ripple (XRP) is up 0.5%, Bitcoin SV (BSV) is up 1.1%, LEO is up 0.8%, and NEO is up 7%. Only NEO has outperformed Bitcoin’s (BTC) 4.2% gain in the past 24 hours.
One cryptocurrency that has been skyrocketing this week but is usually not mentioned in this analysis due to its relatively low market cap of $18 million, is Burstcoin (BURST). In the past five days, Burstcoin (BURST) has rallied 122%. A past Crypto.IQ article that was written during the depths of the bear market discusses how Burstcoin (BURST) is unique due to its proof of capacity (PoC) mining algorithm and that Burstcoin’s (BURST) original design may cause it to gain relative to other cryptocurrencies in the future.
The total crypto market cap hit a new 2019 high of $339 billion earlier today, which is 239% above the bear market low of $100 billion in December. Since then, the total crypto market cap dropped a few billion dollars to $336 billion.
It will be important to watch how Bitcoin (BTC) reacts after the CME Bitcoin Futures Expiration on June 28. The CME Bitcoin Futures Expiration has oftentimes been a pivot point for the Bitcoin (BTC) market, although, for the past 5 months in a row, the Bitcoin (BTC) market has gone up every month. That being said, following the May CME Bitcoin Futures expiration Bitcoin (BTC) declined from $8,400 to $7,500, showing that the CME Bitcoin Futures expiration is still correlated with significant market movements even during a bull run.