Market Analysis: Bitcoin (BTC) Continuing to Battle Resistance Between $11,000 and $11,300: Altcoins in the Red as Bitcoin (BTC) Dominance Rises Towards 60%

June 24, 2019 / by Zachary Mashiach

The price of Bitcoin (BTC) reached a new 2019 high of $11,230 yesterday evening around 6 p.m. Eastern time. This is $8,130 above the bear market low of $3,100 in December, which is an increase of 262%. Simultaneously the total crypto market cap reached a new 2019 high of $337 billion, which is 237% above the bear market low in December.

However, Bitcoin (BTC) ran into strong resistance just above $11,200 and dropped to $10,600 by 10 p.m. Since then, Bitcoin (BTC) has been on average increasing although with plenty of volatility. At 2 p.m. today, Bitcoin (BTC) approached $11,100 before being pushed back to $10,850, and currently, Bitcoin (BTC) is trading near $10,900 as it makes another push towards $11,000.

Zooming out on the chart, Bitcoin (BTC) has encountered stubborn resistance between $11,000 and $11,300 on Saturday, Sunday, and today. Clearly, Bitcoin (BTC) will have to break through this resistance before it can continue its bull run. The support level has been consistently rising, however, from $10,400 on Saturday to perhaps as high as $10,800 today, suggesting that buying pressure is building up. The increasing buying pressure suggests Bitcoin (BTC) has a good chance at breaking the $11,000-$11,300 resistance level in the coming days.

Although Bitcoin (BTC) is doing quite well, most other major cryptocurrencies are in the red today. Indeed, the Bitcoin (BTC) dominance percentage has increased from 55% to almost 60% in the past 10 days, showing that altcoins are weakening significantly relative to Bitcoin (BTC). 

Ethereum (ETH) is down 2% and trading near $308, Ripple (XRP) is down 4.1%, Bitcoin Cash (BCH) is down 3.3% and trading near $470, Litecoin (LTC) is down 4.6% and trading near $133, EOS is down 3.8%, Binance Coin (BNB) is down 0.8%, Bitcoin SV (BSV) is down 2.7%, Cardano (ADA) is down 1.5%, Stellar (XLM) is down 3%, Monero (XMR) is down 0.9%, Dash (DASH) is down 1.4%, Cosmos (ATOM) is down 5%, IOTA (MIOTA) is down 3%, Ethereum Classic (ETC) is down 1.8%, Tezos (XTZ) is down 4.4%, Zcash (ZEC) is down 3.4%, and Dogecoin (DOGE) is down 0.1%. 

A few major cryptocurrencies have managed to gain today. Tron (TRX) is up 0.3%, LEO is up 0.3%, and NEO is up 3.2%. 

The current total crypto market cap is $327 billion, down $10 billion since the new 2019 high reached yesterday evening. 

Zooming out, even after the impressive gains of 2019 so far, the total crypto market cap is still $509 billion below the all-time high of $836 billion reached on Jan. 7, 2018. This shows that the crypto market has plenty of room to continue the current bull run.