Bitcoin (BTC) is in a narrow trading range today between $3,395 and $3,440. For most of the day, Bitcoin (BTC) has been near $3,415, with a negligible percentage change over the past 24 hours. There appears to be a resistance level at $3,500, based on a rally Saturday night that was quickly stomped out once it hit $3,485.
The $3,500-$3,600 level was the price of Bitcoin (BTC) following the January CME Bitcoin futures expiration, and the resistance at this level may be from CME short sellers.
There appears to be support between $3,300-$3,400, since Bitcoin (BTC) tends to quickly rebound above $3,400 whenever it drops below $3,400. If this support level were to break Bitcoin (BTC) could retest the bear market low of $3,120.
Despite Bitcoin’s (BTC) lack of movement, other major cryptocurrencies are generally rising today. Ripple (XRP) is up 0.9 percent, Ethereum (ETH) is up 1.1 percent, EOS is up 1.3 percent, Bitcoin Cash (BCH) is up 0.9 percent, Cardano (ADA) is up 0.2 percent, IOTA (MIOTA) is up 4.2 percent, Monero (XMR) is up 0.2 percent, and Dash (DASH) is up 0.9 percent.
Litecoin (LTC) is up three percent today and has been doing very well over the last week, with the price rising from $30.75 to $34.35 (11.7 percent).
Tron (TRX) is the big winner of the day with a six percent rally. Tron (TRX) is now at $0.027, still well below the peak price of $0.034 reached on Jan. 10. This Tron (TRX) rally may be due to Tron (TRX) becoming an Ethereum (ETH) competitor, with an increasing amount of users choosing Tron (TRX) for their dApp and smart contract needs. Simultaneously, Ethereum (ETH) has been experiencing uncertainty due to the delayed Constantinople hard fork, which is now scheduled for Feb. 27.
Not every major cryptocurrency is in the green today. Stellar (XLM) is down 1.2 percent, Bitcoin SV (BSV) is down one percent, and Dogecoin (DOGE) is down 0.3 percent.
Overall the bulls have outpaced the bears today, and the total crypto market cap has increased from $113 billion to $114 billion.
In general, the total crypto market cap has been quite stable in a range between $112-116 billion since Jan. 28, with up days usually followed by down days. It seems crypto rallies are not gaining much of a foothold in the current market atmosphere. A re-testing of the bear market crypto market low of $100 billion is still possible.