Market Analysis: Crypto Market in The Green Today as Bitcoin (BTC) Pushes up Against $3,900 Level
After being stuck near $3,850 all day yesterday, Bitcoin (BTC) has gained some upward momentum today and is attempting to break through the $3,900 resistance level. Around noon Bitcoin (BTC) rose as high as $3,912, but as of this writing, Bitcoin (BTC) is back to $3,900.
The $3,900 resistance level has been in place since Feb. 24. If Bitcoin (BTC) can rise above $3,900 then it will have a shot at testing the long term resistance level of $4,200, which has been in place since December. The $4,200 long term resistance level is the key level to watch to see if Bitcoin (BTC) can go on a true bull run.
Simultaneously, the support level of $3,700 is critical to watch since, if it is broken, a retesting of bear market lows at $3,100 would be possible.
The crypto market has reacted positively to Bitcoin’s upward movement today. All major cryptocurrencies are in the green. Ethereum (ETH) is up 3.2 percent, Ripple (XRP) is up 0.6 percent, Litecoin (LTC) is up 4.5 percent, EOS is up 3 percent, Bitcoin Cash (BCH) is up 6.7 percent, Binance Coin (BNB) is up 0.1 percent, Stellar (XLM) is up 0.1 percent, Tron (TRX) is up 1.6 percent, Cardano (ADA) is up 4.6 percent, Bitcoin SV (BSV) is up 1.6 percent, Monero (XMR) is up 2.8 percent, IOTA (MIOTA) is up 2 percent, Dash (DASH) is up 1.3 percent, and Dogecoin (DOGE) is up 0.8 percent.
The total cryptocurrency market cap has risen a modest $2.5 billion today, from $135 billion to $137.5 billion. Today’s gains adds a little more of a safety cushion between the current market cap and the bear market low of $100 billion.
It seems the crypto market is poised for a solid rally if Bitcoin (BTC) can finally break the $3,900 resistance level, but whether that actually happens remains to be seen.