Bitcoin (BTC) rallied to $4,200 on Saturday, the third in a series of rallies that started near $3,300 in early February. These consecutive rallies fueled speculation that the bulls might make a real break out and finally defeat the bears. However, Bitcoin (BTC) crashed as low as $3,715 on Sunday, with all other major cryptocurrencies crashing as well, confirming that this is indeed still a bear market.
Bitcoin (BTC) has steadily recovered losses throughout today and currently sits at $3,850. There is resistance at $4,200 and support at $3,700. These will be the levels to watch to see if Bitcoin (BTC) can reignite a bull run or if the bears will take control again and bring Bitcoin (BTC) back down to the long term support level of $3,100.
Other major cryptocurrencies are recovering today as well. The biggest winners of today are Ripple (XRP) and Bitcoin SV (BSV) which are up 10 percent. Ripple (XRP) is now within $1.1 billion of retaking the number two spot on CoinMarketCap from Ethereum (ETH). Today’s Ripple (XRP) rally is being fueled by news that Coinbase is listing Ripple (XRP) tomorrow.
Ethereum (ETH) is up 0.3 percent, EOS is up 1.1 percent, Litecoin (LTC) is up 3.3 percent, Bitcoin Cash (BCH) is up 3.6 percent, Stellar (XLM) is up 3.4 percent, Tron (TRX) is up 1.7 percent, Cardano (ADA) is up 1.7 percent, Monero (XMR) is up 0.8 percent, IOTA (MIOTA) is up 0.7 percent, Dash (DASH) is up 3.5 percent, and Dogecoin (DOGE) is up 3.3 percent.
The lone major cryptocurrency which is down today is Binance Coin (BNB), with a loss of 2.2 percent.
The total crypto market cap has gained $5 billion since its lowest point during the dump yesterday, rising from $127 billion to $132 billion. This is still well below the $144 billion total crypto market cap achieved during the rally on Saturday, and the $5 billion of gains pales in comparison to the $17 billion of losses during the dump.
Therefore, today’s recovery rally is only a partial recovery. The lesson to take from the past week of trading is that the cryptocurrency market continues to be highly volatile, and the bear market is not over. Throughout this bear market, any rallies have ultimately been stomped out, and this past rally is no different. The current total crypto market cap of $132 billion is the same as it was a week ago.