The crypto rally that began yesterday has continued in full force today. Since 1 a.m. Eastern time the price of Bitcoin (BTC) has increased from $4,900 to $5,300.
Since Bitcoin (BTC) is rising to new 2019 highs right now, it is difficult to ascertain where the resistance level is. There may be a long-term resistance level somewhere around $6,000-$6,500, which was the price of Bitcoin (BTC) during September and October, before the crash that took the market down to bear market lows in December. Considering the strong uptrend, it seems possible that Bitcoin (BTC) will reach $6,000 during April.
As for support levels, there was apparent support at $4,900 during the early morning hours, but it is likely that the support level shifted upwards since then.
Even though Bitcoin (BTC) is seeing big gains today, Bitcoin’s (BTC) gains pale in comparison to the gains seen by some of the other major cryptocurrencies. There are 6 major cryptocurrencies that are up 20% or more today. Bitcoin Cash (BCH) is the big winner with an astonishing 55% increase in only 24 hours, pushing its price up to $335 and its rank up to number four on CoinMarketCap.
Even though Bitcoin Cash (BCH) just surpassed Litecoin (LTC) in the CoinMarketCap rankings, Litecoin (LTC) is up a spectacular 31% and its price is close to reaching $100. Other big winners today are EOS, which is up 20%, Cardano (ADA), which is up 21%, Bitcoin SV (BSV), which is up 23%, and Dogecoin (DOGE), which is up 30%.
Almost all of the other major cryptocurrencies are also seeing solid gains today. Ethereum (ETH) is up 11%, Ripple (XRP) is up 6.5%, Stellar (XLM) is up 9.5%, Tron (TRX) is up 8.3%, Monero (XMR) is up 7.5%, Dash (DASH) is up 10.8%, and IOTA (MIOTA) is up 4.2%.
There is only one major cryptocurrency that is in the red today. Binance Coin (BNB) is down 2.4 percent.
It is quite rare to see such large percentage gains for so many major cryptocurrencies during the same day, and today is the definition of a bullish crypto market. The total crypto market cap has surged $19 billion in the past 24 hours, rising from $166 billion to $185 billion. Since Tuesday, the total crypto market cap has skyrocketed $38 billion, which is 26 percent. The gains today actually are nearly equivalent to the gains yesterday. This is perhaps unexpected, to have two days in a row with such strong gains.
The total crypto market cap is now 85% above the bear market low of $100 billion reached in mid-December.
It seems possible that this rally will continue throughout the month of April since it appears that CME Bitcoin futures traders have gone long for this month. Indeed this rally started less than a week after the CME Bitcoin futures expiration. The combined pressure of CME Bitcoin futures traders trying to make the market move up and the pre-existing global buying pressure that we’ve seen since early February is likely causing this big rally, and there’s nothing to indicate the rally will suddenly stop, at least until the end of the month.
It will be important to watch the next CME Bitcoin futures expiration at the end of April since, at that point, a big short and crash will be possible. The pattern of a rally happening one month and then a crash the next month was observed multiple times during 2018, and this behavior is highly correlated to CME Bitcoin futures expirations.