Bitcoin (BTC) has recovered some of its losses after being rejected from the $4,000 resistance level and crashing to as low as $3,850 yesterday. Currently, Bitcoin (BTC) is trading near $3,915.
There is apparent resistance just above Bitcoin’s (BTC) current price, suggesting the resistance level has moved down a bit from $4,000. That being said, Bitcoin (BTC) is still within striking distance of $4,000, and it would take just one bullish day to break this stubborn resistance level.
If Bitcoin (BTC) can rise above $4,000, it will have to contend with the long-term resistance level of $4,200, which has been in place since December. The $4,200 level is key to watch to see if Bitcoin (BTC) can go on a bull run.
The key support level to watch is $3,700, and this support level must hold or Bitcoin (BTC) will be at risk of sliding to the bear market low and long-term support level of $3,100.
After being deep in the red yesterday, major cryptocurrencies are attempting a recovery and are mixed today. Cardano (ADA) is leading the bulls today with a 5.7 percent rally. Ethereum (ETH) is up 0.9 percent, EOS is up 0.7 percent, Stellar (XLM) is up 1.9 percent after a weak of heavy losses, Monero (XMR) is up 0.3 percent, Dash (DASH) is up 0.7 percent, and Dogecoin (DOGE) is up 1.1 percent.
These gains are only a partial recovery of yesterday’s losses. As for the bears, Ripple (XRP) is down 0.2 percent, Litecoin (LTC) is down 0.6 percent, Bitcoin Cash (BCH) is down 0.3 percent, Binance Coin (BNB) is down 1 percent, Tron (TRX) is down 0.4 percent, Bitcoin SV (BSV) is down 0.8 percent, and IOTA (MIOTA) is down 0.2 percent.
The total cryptocurrency market cap slid as low as $136.5 billion this morning before today’s recovery rally began. Since the morning the total cryptocurrency market cap has risen $1.5 billion to $138 billion.
Today follows the general trend we have seen during the bear market, with alternating days of losses and gains.
Overall the crypto market has been doing better since the beginning of February, with the 30-day exponential moving average (EMA) of Bitcoin (BTC) rising for the first time since the crash in November when the $6,000 support level broke.
Yesterday’s losses have not stopped the EMA’s uptrend, and there is certainly hope that Bitcoin (BTC) can rally again and break through $4,000. If this happens, the crypto market is poised to rally.