Bitcoin (BTC) briefly dipped in the early morning hours to as low as $3,880, but it has since steadily moved up throughout the day to $3,950 currently. The rest of the cryptocurrency market has followed Bitcoin’s (BTC) lead and is in the green today.
Ethereum (ETH) is up 2.1 percent, Ripple (XRP) is up 0.9 percent, EOS is up 2.9 percent, Litecoin (LTC) is up 1.1 percent, Bitcoin Cash (BCH) is up 1.1 percent, Stellar (XLM) is up 2.4 percent, Tron (TRX) is up 1.1 percent, Binance Coin (BNB) is up 3.5 percent, Cardano (ADA) is up 2.5 percent, Bitcoin SV (BSV) is up 2.1 percent, Monero (XMR) is up 3.4 percent, IOTA (MIOTA) is up 1.5 percent, Dash (DASH) is up 1.9 percent, and Dogecoin (DOGE) is up 1.7 percent.
Essentially, the bulls today have recovered the losses from the bear market sentiment yesterday. Yesterday, the total crypto market cap declined from $135.5 billion to $133.5 billion, and today, the total crypto market cap rose from $133.5 billion to $135 billion.
This pattern of alternating up and down days that cancel each other out has been observed in recent weeks in-between more significant rallies or crashes.
That being said, since the Feb. 18 rally, Bitcoin (BTC) has been on a slow uptrend on average, with the price increasing from $3,870 to $3,950. This indicates that on average there is more buying pressure than selling pressure.
Some very positive news is that Bitcoin (BTC) did not crash leading up to the February CME Bitcoin futures expiration today, although there was a slight dip in price in the hours just before the expiration.
Since the expiration, Bitcoin (BTC) has been steadily moving upwards. If this trend can continue for the next several days, then perhaps March will be a rare month where CME Bitcoin futures traders go long. If that happened, a significant rally could ensue. However, caution must be taken to watch Bitcoin’s (BTC) price over the next week before making such a declaration.