Bitcoin (BTC) has slowly risen from $3,525 just after midnight eastern United States time to $3,575 currently, up 0.9 percent in the past day. Earlier this afternoon Bitcoin (BTC) almost hit $3,600. It appears any moves past $3,600 quickly fizzle out, and the $3,600 resistance level has been in place since Jan. 20.
The support level for Bitcoin (BTC) is $3,500 and has been in place since Dec. 19. Thus, Bitcoin (BTC) has currently stabilized in a narrow trading range between $3,500 and $3,600.
For the most part, other major cryptocurrencies have followed Bitcoin’s (BTC) slow upward trend today. Ripple (XRP) is up 0.9 percent, Ethereum (ETH) is up 0.4 percent, EOS is up 0.9 percent, Stellar (XLM) is up 0.2 percent, Tron (TRX) is up 1.7 percent, IOTA is up 0.3 percent, and Dogecoin (DOGE) is up one percent.
Some cryptocurrencies have rallied more strongly today. Litecoin (LTC) is up three percent, Monero (XMR) is up 3.6 percent, and Dash (DASH) is up 4.2 percent. Overall the total crypto market cap has risen from $119 billion to $120.5 billion through the day.
The only losers on the day are Bitcoin Cash (BCH) and Bitcoin SV (BSV) which are down 1.5 percent and 0.8 percent respectively.
The CME Bitcoin futures expiration is tomorrow, and this will perhaps be a fresh start for the crypto market. It is likely that CME Bitcoin futures traders largely took out short positions at $3,900 after the December futures expiration, and this short selling pressure may be inhibiting all of the attempted rallies during January so far.
There is strong support at $3,500 for Bitcoin (BTC). The negative news that the VanEck SolidX Bitcoin ETF had been withdrawn was not able to drop Bitcoin (BTC) below $3,500, despite Bitcoin (BTC) sitting close to that level when the news broke. It would probably be risky for CME futures traders to go short on Bitcoin (BTC) again in February. Therefore, it is possible they will go long, and if that happens, a significant rally would take place in February. However, it will take up to a week after the CME Bitcoin futures expiration tomorrow to ascertain whether CME futures traders have collectively gone short or long for February.