Bitcoin (BTC) achieved a new 2019 high of $5,615 yesterday on Bitstamp, but from 3 to 4 a.m. Eastern time this morning, the price of Bitcoin (BTC) quickly dropped to as low as $5,450. Throughout the rest of the day, Bitcoin’s (BTC) price was volatile and generally heading downwards, reaching as low as $5,380 around 2 p.m. Since then, Bitcoin (BTC) has rebounded slightly and is trading near $5,420.
There is strong resistance at $5,600, and this is the level to watch to see if Bitcoin (BTC) can continue to climb towards $6,000. Support appears to be present at the $5,300-$5,400 level. For the first time in days, there seems to be more selling pressure than buying pressure, and it is possible that support will get eroded.
Bitcoin (BTC) is down 2.5% in the past 24 hours, and most other major cryptocurrencies are down even more. Ethereum (ETH) is down 4.7%, Ripple (XRP) is down 6.4% following news that CTO David Schwartz is selling his share of Ripple (XRP), Bitcoin Cash (BCH) is down 7.1%, EOS is down 9.5%, Litecoin (LTC) is down 5.6%, Binance Coin (BNB) is down 4.6% despite the launch of the highly anticipated Binance DEX, Stellar (XLM) is down 7.4%, Cardano (ADA) is down 4.6%, Tron (TRX) is down 5.3%, Monero (XMR) is down 4.5%, Dash (DASH) is down 5.4%, Bitcoin SV (BSV) is down 7.8%, IOTA (MIOTA) is down 4.5%, and Dogecoin (DOGE) is down 7.2%.
The least profitable cryptocurrency today is Tezos (XTZ) with a 13% loss. Tezos (XTZ) had been on a major rally since March, rising from $0.40 to as high as a $1.49, due to Tezos (XTZ) staking services being announced by Binance and Coinbase. It is possible that the Tezos (XTZ) market had become a bubble, and now, that bubble is popping, although this cannot be confirmed yet.
The total crypto market cap has lost $7 billion today, declining from $184 billion to $177 billion.
Overall, today is a reminder that, despite the strong upward movement from February through April, the bear market is not over. That being said, the total crypto market cap is still 77% above the bear market low of $100 billion reached in December, and a bearish day like today only puts a slight dent in that recovery.
The CME Bitcoin futures expiration is coming Friday, an event often correlated with shifts in market sentiment and direction. It will be important to see if bearish market sentiment intensifies following Friday or if bullish market sentiment reasserts itself.