Over the past 24 hours, Bitcoin (BTC) steadily increased from $5,290 to $5,400, briefly reaching as high as $5,420 a couple of times earlier this afternoon. This continues an uptrend which started on Monday night when Bitcoin (BTC) began to lift above the $5,100 level. Now, Bitcoin (BTC) is approaching the price it was at one week ago when the New York Attorney General’s Office announced its lawsuit against Bitfinex and Tether (USDT), which caused a drop in Bitcoin’s (BTC) price from $5,500 to $5,100.
It is apparent that there is resistance for Bitcoin (BTC) at $5,400, and the support level has risen to $5,300. The crypto market is perhaps poised to rally if Bitcoin (BTC) can break through the resistance at $5,400.
It is possible that Bitfinex users — panicked by the lawsuit — are contributing to the increase in Bitcoin’s (BTC) price today. The price of Bitcoin (BTC) on Bitfinex is $300-$400 above the price on Bitstamp due to users rushing to get their funds out of Bitfinex through buying Bitcoin (BTC) and withdrawing it. Data indicates that withdrawals are continuing as normal on Bitfinex, creating an arbitrage opportunity where traders can buy Bitcoin (BTC) on Bitstamp or other exchanges and sell it on Bitfinex for profit. This pulls the global spot price of Bitcoin (BTC) upwards.
Another possible factor is that the bullishness from April is simply continuing, and the Bitfinex/Tether (USDT) lawsuit was not enough to turn the market bearish. It is a positive sign that Bitcoin (BTC) has been gaining since the CME Bitcoin futures expiration a week ago.
Although Bitcoin (BTC) is doing well today, and that’s usually enough to pull altcoins into the green, other major cryptocurrencies are mixed. The only major cryptocurrencies that have seen significant increases today are Binance Coin (BNB) and Tezos (XTZ) with an 8% and 8.7% gain respectively.
Other major cryptocurrencies that are in the green today have only seen slight gains. Ethereum (ETH) is up 1.3%, Bitcoin Cash (BCH) is up 0.4%, Litecoin (LTC) is up 0.6%, EOS is up 0.9%, Cardano (ADA) is up 0.2%, Tron (TRX) is up 0.7%, Dash (DASH) is up 1%, and Dogecoin (DOGE) is up 3%.
There are only slight losses among the cryptocurrencies in the red today. Ripple (XRP) is down 0.2%, Stellar (XLM) is down 0.6%, Monero (XMR) is down 0.4%, Bitcoin SV (BSDV) is down 1.1%, and IOTA (MIOTA) is down 1%.
The total crypto market cap has gained $3 billion today, rising from $175 billion to $178 billion. This is 78% above the bear market low of $100 billion in December. One more particularly bullish day or another week of a steady uptrend is all it would take for the total crypto market cap to rise back to the 2019 high of $186 billion it reached on April 10.