After a relatively stable day Bitcoin (BTC) dumped below $3,800 in the late afternoon, falling as low as $3,660 briefly. Now, Bitcoin (BTC) has recovered to $3,740. This has erased the gains from the past several days.
The good news is that the $3,700 support level has held up, at least for now, although this level has probably been weakened. The $3,700 level is crucial to watch. If Bitcoin (BTC) goes below that, it may end up heading towards the long term support level of $3,100.
There is resistance from $3,800 to $3,900. The $4,200 resistance level, which is important to watch to see if Bitcoin (BTC) can make a bull run, is now harder to reach.
After the CME Bitcoin futures expiration on Feb. 22 Bitcoin (BTC) rallied to the $4,100-$4,200 range, and has since then been experiencing downwards pressure. It is perhaps possible that CME Bitcoin futures traders shorted from the $4,100-$4,200 level. If this is true then Bitcoin (BTC) could test bear market lows in March. This cannot be confirmed however. It is too early to tell if this will be a month dominated by short sellers.
Ethereum (ETH) is down 3.3 percent with the Constantinople/St. Petersburg hard fork scheduled for tomorrow. Fork anxiety is perhaps causing some investors to unwind their Ethereum (ETH) holdings. It will be critical to monitor how the fork plays out, since any problems with the fork could cause a market crash for Ethereum (ETH).
Ripple (XRP) is down 3 percent despite trading going live on Coinbase Pro yesterday. The listing rally for Ripple (XRP) lasted less than an hour, and now, the price of Ripple (XRP) is lower than it was before the listing was announced.
Litecoin (LTC) is down 1.4 percent, Bitcoin Cash (BCH) is down 2.2 percent, Stellar (XLM) is down 2.1 percent, Tron (TRX) is down 1.5 percent, Bitcoin SV (BSV) is down 8.8 percent, Cardano (ADA) is down 1.2 percent, Monero (XMR) is down 0.5 percent, IOTA (MIOTA) is down 1.1 percent, Dash (DASH) is down 2.1 percent, and Dogecoin (DOGE) is down 3 percent.
Binance Coin (BNB) and EOS are the only major cryptocurrencies up today, with gains of 2.7 percent and 1 percent, respectively. Binance Coin (BNB) has re-solidified its rank as number 10 on CoinMarketCap, since Bitcoin SV (BSV) has dropped sharply today.
The total crypto market cap has shed $3 billion today, most of which occurred during the late afternoon dump, dropping from $130.5 billion to $127.5 billion. This brings it slightly closer to the bear market low of $100 billion, which is still possible to re-test since the bear market is clearly still in effect.