Bitcoin (BTC) has been on a slow uptrend since the rally on Feb. 18, with the price increasing from $3,880 to $3,930 on average. However, Bitcoin (BTC) has simultaneously been quite volatile with a trading range between $3,830 and $4,020 over the past couple of days.
It is apparent that there is resistance at $4,000, and this is the level to watch to see if Bitcoin (BTC) can keep rallying. This level is just below the 2019 high of $4,100.
As for support levels, the long term support level of $3,100, which was the bear market low in mid-December, remains in place. That being said, the rallies on Feb. 8 and Feb. 18 have caused Bitcoin (BTC) to begin pulling away from this long term support level. At this time, the local support level is at $3,800 to $3,850.
Other major cryptocurrencies are showing even more volatility than Bitcoin (BTC), resulting in a mixed day on the crypto markets. The big winners of today are EOS which is up 5.9 percent and Litecoin (LTC) is up 5.7 percent.
Also running with the bulls are Ethereum (ETH) which is up 0.5 percent, Bitcoin Cash (BCH) which is up 0.7 percent, Binance Coin (BNB) which is up 0.8 percent, and IOTA (MIOTA) which is up 0.8 percent.
On the bears side of the fence is Ripple (XRP) which is down 0.8 percent, Stellar (XLM) which is down 1.2 percent, Tron (TRX) which is up 1.1 percent, Cardano (ADA) which is down 0.3 percent, Bitcoin SV (BSV) which is down 1.6 percent, Monero (XMR) which is down 3.1 percent, Dash (DASH) which is down 1 percent, and Dogecoin (DOGE) which is down 0.3 percent.
The bulls have been outpacing the bears the past couple of days since the Feb. 18 rally, and the total crypto market cap has increased from $132 billion to $135 billion during that time.
The crypto market is waiting to see whether the bull run re-ignites and another rally occurs, or if the bears come back in force. The slow rise in prices across the crypto space even on non-rally days like today is a positive sign, however, indicating that buying pressure is persistent.