The price of Bitcoin (BTC) has steadily climbed throughout the past 24 hours. From yesterday afternoon through this morning, Bitcoin (BTC) rose from $5,240 to $5,360 before being pushed back around noon Eastern time to $5,290.
Then the price of Bitcoin (BTC) spiked as high as $5,425 on Bitstamp in the early afternoon. For a moment, it looked like this was perhaps the short squeeze the market was waiting for, and that Bitcoin (BTC) was ready to break through the stubborn $5,300-$5,400 resistance level. However, the price action slightly reversed instead of accelerating, and now, Bitcoin (BTC) is trading near $5,380.
The price peak Bitcoin (BTC) hit today is similar to the peak it hit on April 10. The Bitstamp order book depth chart suggests that resistance stretches all the way up to $5,550, so perhaps that is the level to break through before a rally to $6,000 can occur.
There continues to be support for Bitcoin (BTC) at $5,200 and likely support at $4,800 as well.
Since Bitcoin (BTC) has been moving upward over the past 24 hours, all major cryptocurrencies are in the green. Ethereum (ETH) is up 2.3%, Ripple (XRP) is up 1.4%, Bitcoin Cash (BCH) is up 2.5%, EOS is up 2.5%, Litecoin (LTC) is up 2.6%, Binance Coin (BNB) is up 1.8%, Stellar (XLM) is up 2.2%, Cardano (ADA) is the most profitable cryptocurrency today with a 6.4% gain, Tron (TRX) is up 2.1%, Monero (XMR) is up 0.3%, Dash (DASH) is up 2.2%, Bitcoin SV (BSV) is up 2.8%, Tezos (XTZ) is up 1.7%, IOTA (MIOTA) is up 1.3%, and Dogecoin (DOGE) is up 2.8%.
The total crypto market cap has increased $4.5 billion over the past 24 hours, rising from $176.5 billion to $181 billion. This is 81% above the bear market low of $100 billion in December and shows the significant progress the crypto market has made since the worst of the bear market.
On Friday the CME Bitcoin futures contracts for April expire, and this will be a pivotal time to watch the Bitcoin (BTC) market. This month’s rally started shortly after the March CME Bitcoin futures expiration and was likely aided by CME Bitcoin futures traders going long. It will be important to see if Bitcoin (BTC) remains bullish following the Friday expiration or if the price will crash due to CME Bitcoin futures traders going short for May.