Over the past 24 hours, Bitcoin (BTC) has dropped from $8,800 to $8,700. Zooming out, after hitting a new 2019 high of $8,920 on Sunday Bitcoin (BTC) has been slightly declining on average.
This morning around 9 a.m. Eastern time, Bitcoin (BTC) dropped as low as $8,590, and indeed, it appears that support lies between $8,500 and $8,600. This is the level to watch to see if Bitcoin (BTC) will experience a significant price decrease.
Resistance is apparent between $8,800 and $9,000, and Bitcoin (BTC) must break through this level for the recent bull run to continue.
The CME Bitcoin Futures Expiration is on May 31, only a few days from now, and it will be important to see how Bitcoin (BTC) reacts following the expiration. The CME Bitcoin Futures Expiration has often been a pivot point for the Bitcoin (BTC) market in the past.
The crypto market is mixed today but generally in the green. Over the past 24 hours, altcoins have on average been gaining relative to Bitcoin (BTC), causing the Bitcoin (BTC) dominance percentage to drop from 57.1% to 56.5%.
The most profitable cryptocurrencies today are IOTA (MIOTA) and Zcash (ZEC) with gains of 13.3% and 12.2% respectively. Also, Ethereum (ETH) is up 1.1%, Ripple (XRP) is up 4.8%, Bitcoin Cash (BCH) is up 0.7%, EOS is up 4.5%, Litecoin (LTC) is up 0.3%, Stellar (XLM) is up 1.4%, Cardano (ADA) is up 1.5%, Bitcoin SV (BSV) is up 2.2%, and Dash (DASH) is up 1.2%.
Cryptocurrencies in the red today include Binance Coin (BNB) which is down 1.9%, Tron (TRX) which is down 0.7%, Monero (XMR) which is down 1.6%, Tezos (XTZ) which is down 3%, and Dogecoin (DOGE) which is down 0.2%.
Although Bitcoin (BTC) is down slightly today, other major cryptocurrencies generally being in the green has caused the total crypto market cap to increase from $271 billion to $273 billion over the past 24 hours. This is 173% above the bear market low of $100 billion in December and reveals the significant recovery the crypto market has made this year so far.