The $5,300-$5,400 resistance level continues to be stubborn. Bitcoin (BTC) has been capped just below this critical level throughout today. Around noon, Bitcoin (BTC) rose as high as $5,335, but like all previous attempts this year Bitcoin (BTC) was pushed back and is currently trading near $5,280.
The 3-day trend for Bitcoin (BTC) suggests more buying pressure than selling pressure, with a series of higher lows. It is possible that this buying pressure will soon crack the $5,300-$5,400 resistance level, which could lead to a broad and significant crypto rally. This is not guaranteed, though, and if bearish sentiment returns, Bitcoin (BTC) would fall back to its support levels. There is support at $5,200 as well as $4,800.
The crypto market is in the red this afternoon, likely due to Bitcoin (BTC) being a little over $5,300 24 hours ago versus below $5,300 now. Ethereum (ETH) is down 1.2%, Ripple (XRP) is down 1.6%, Bitcoin Cash (BCH) is down 0.3%. Litecoin (LTC) is down 1.1%, EOS is down 1%, Stellar (XLM) is down 1.7%, Cardano (ADA) is down 4.4%, Tron (TRX) is down 2.3%, Monero (XMR) is down 0.9%, Dash (DASH) is down 1.1%, Bitcoin SV (BSV) is down 0.8%, Tezos (XTZ) is down 3.9%, IOTA (MIOTA) is down 1.3%, and Dogecoin (DOGE) is down 1.4%.
The only profitable cryptocurrency today is Binance Coin (BNB) with a gain of 8.8%. This Binance Coin (BNB) rally is due to the launch of the Binance DEX, which is expected around April 23. Binance Coin (BNB) is required to use the Binance DEX, so traders are buying it up.
Even though most major cryptocurrencies are in the red today, the total crypto market cap has only dropped from $180.5 billion to $180 billion. This is 80% above the bear market low of $100 billion in December, and reveals the significant progress the crypto market has made. If Bitcoin (BTC) can break through the critical $5,300-$5,400 resistance level, the ensuing rally could bring the total crypto market cap to over $200 billion.