Bitcoin (BTC) declined from $3,440 to as low as $3,320 overnight and then rose steadily throughout the rest of the day to $3,400.
This suggests there is a support level around $3,300-$3,350. Another support level perhaps sits at $3,100, which was the bear market minimum reached in mid-December. Beyond this, there is a critical psychological support level at $3,000.
The local resistance level is between $3,500-$3,600, which was the price of Bitcoin a couple of days ago before the price began to fall. This is also the price of Bitcoin following the CME Bitcoin futures expiration, and possibly the level where CME futures traders took out short positions.
Overall, Bitcoin is down 0.3 percent on the day. The only other major cryptocurrencies that have seen losses today are Ripple (XRP) which is down one percent, Stellar (XLM) which is down four percent, and Dogecoin (DOGE) which is down one percent.
Ethereum (ETH) is up 0.6 percent, EOS is up three percent, Bitcoin Cash (BCH) is up 0.7 percent, Bitcoin SV (BSV) is up 0.2 percent, Litecoin (LTC) is up one percent, Tron (TRX) is up three percent, Monero (XMR) is up one percent, and Dash (DASH) is up one percent. It is important to note that the price increases seen today are only a partial recovery of the losses from yesterday.
Over the past day, the total cryptocurrency market cap has fluctuated between $111 billion and $114 billion, but the bears and the bulls have canceled out, so the 24-hour percentage change is negligible.
Overall, the crypto market has stabilized as compared to yesterday, but it would take just one more particularly bad day to bring the crypto market down to new bear market lows.