Yesterday, the price of Bitcoin (BTC) rose from $5,130 to as high as $5,330, and most other major cryptocurrencies surged into the green. During the overnight and morning hours, Bitcoin (BTC) declined to as low as $5,280 before a price rise around 1 to 2 p.m. Eastern time to as high as $5,350. For a moment, it seemed perhaps a Bitcoin (BTC) rally was brewing, but resistance proved too stiff, and Bitcoin (BTC) retreated to $5,290. Currently, Bitcoin (BTC) is on an upglide again and trading near $5,310.
There is clearly resistance in the $5,300-$5,400 level. Notably, this is the same resistance level Bitcoin (BTC) contended with for most of April. Bitcoin (BTC) did finally break through the resistance at $5,300-$5,400 for a week toward the end of April, before the New York Attorney General’s Office sued Bitfinex and Tether (USDT), which precipitated a sudden Bitcoin (BTC) price drop to below $5,100.
Support for Bitcoin (BTC) appears to have shifted upwards to $5,250, and despite the controversy surrounding Bitfinex and Tether (USDT), it seems there is more buying pressure than selling pressure over the past few days. Essentially, the Bitfinex/Tether (USDT) lawsuit appears to have only caused a brief interruption of the bullish sentiment from April, and that bullish sentiment is perhaps returning, at least for now.
That being said, the Bitfinex/Tether (USDT) lawsuit will have to be monitored closely since, if any severe actions are taken against Bitfinex or Tether (USDT), it could bring back the bears.
Since Bitcoin (BTC) has been capped below the $5,300-$5,400 resistance level during the past 24 hours and generally lacking direction, the crypto market is mixed. More cryptocurrencies are in the green than in the red, however.
Ethereum (ETH) is up 0.5%, Bitcoin Cash (BCH) is up 5.4%, EOS is up 0.6%, Stellar (XLM) is up 1.6%, Cardano (ADA) is up 1.2%, Tron (TRX) is up 0.2%, Monero (XMR) is up 5%, Dash (DASH) is up 5.5%, Bitcoin SV (BSV) is up 1%, IOTA (MIOTA) is up 0.1%, Tezos (XTZ) is up 0.3%, and Dogecoin (DOGE) is up 0.9%.
As for the major cryptocurrencies which are in the red today, Ripple (XRP) is down 1.9%, Litecoin (LTC) is down 0.6%, and Binance Coin (BNB) is down 1.2%.
Since the green outweighs the red across the crypto market, the total crypto market cap has gained $2.5 billion in the past day rising from $172.5 billion to $175 billion. This puts the total crypto market cap 75% above the bear market low of $100 billion in December.