Bitcoin (BTC) Approaching Crucial Long Term Resistance Level of $4,200, Dogecoin (DOGE) Rallies 18 Percent

April 1, 2019 / by Cathy Zollo

Bitcoin (BTC) Approaching Crucial Long Term Resistance Level of $4,200, Dogecoin (DOGE) Rallies 18 Percent

The price of Bitcoin (BTC) has been steadily rising in a stepwise fashion from $3,850 on March 25 to $4,130 currently. Yesterday evening, the price of Bitcoin (BTC) jumped above $4,100, and this morning, Bitcoin (BTC) rose as high as $4,150. Even though Bitcoin (BTC) has pulled back slightly from the high this morning it still appears that the general trend for Bitcoin (BTC) is upwards.

All eyes are on the long term resistance level of $4,200, which was tested in December, January, and February. If Bitcoin (BTC) can break through $4,200, a crypto bull run is possible. That being said, it is just as possible that Bitcoin (BTC) will get deflected downwards from $4,200 like the last few times it tested this level.

The crypto market is generally bullish today. The big winner of today is Dogecoin (DOGE) with an 18 percent rally, launching Dogecoin (DOGE) to the number 25 spot on CoinMarketCap. It is unclear what is causing this Dogecoin (DOGE) rally. It is notable that this rally is occurring on April Fools’ Day, since Dogecoin (DOGE) is the most popular cryptocurrency that originated from an internet meme/joke.

Other cryptocurrencies seeing significant gains today include Tron (TRX) which is up 5.2 percent, Monero (XMR) which is up 5.9 percent, Dash (DASH) which is up 4.9 percent, and IOTA (MIOTA) which is up 4.1 percent. The market caps of Monero (XMR) and Dash (DASH) are close to exceeding $1 billion.

Aside from these particularly bullish cryptocurrencies, Ethereum (ETH) is up 0.1 percent, Ripple (XRP) is up 1.2 percent, EOS is up 0.3 percent, Binance Coin (BNB) is up 3.2 percent, Stellar (XLM) is up 1.8 percent, Cardano (ADA) is up 2.4 percent, and Bitcoin SV (BSV) is up 1 percent.

The only cryptocurrencies in the red today are Litecoin (LTC) and Bitcoin Cash (BCH) with losses of 0.3 percent and 0.5 percent respectively.

The total crypto market cap reflects the bullish market sentiment today, rising $2 billion from $144 billion to $146 billion. Today’s trading activity shows how the crypto market is poised to rally with every little increase in Bitcoin’s (BTC) price.

Since early February, the total crypto market cap has increased $35 billion, and since the bear market low in mid-December the total crypto market cap has increased by $46 billion.

Although it is too early to say that the bear market is over or that the bottom is in, the fact of the matter is that people who invested in mid-December or early February have seen significant profit margins. Whether this evolves into a bull market remains to be seen. Bitcoin (BTC) will have to break through $4,200 for a crypto bull run to happen, instead of getting rejected from $4,200 like during previous attempts in 2019.