Market Analysis: Bitcoin (BTC) Drops Back To $5,000 Leaving Crypto Market in the Red, Bitcoin (SV) Crashes Due to Binance Delisting and Bitcoin Cash (BCH) Rallies

April 15, 2019 / by Zachary Mashiach

The price of Bitcoin (BTC) steadily rose yesterday from $5,030 to $5,190 just after midnight, and after that stabilized in a trading range between $5,120 and $5,160 for most of today. The crypto market was generally in the green this morning. However, around 1 p.m. Eastern time, the price of Bitcoin (BTC) quickly dropped to as low as $4,980. This sudden price drop dragged the rest of the crypto market into the red.

Currently, the price of Bitcoin (BTC) is near $5,020, and there appears to be some support near $4,950. The Bitstamp order book depth chart indicates there is solid support just below $4,800.

Trading data from today indicates that there is resistance at $5,200. Further, there is a critical resistance level at $5,300-$5,400. Bitcoin (BTC) will have to break through both of these resistance levels before it can rally again.

The crypto market is generally bearish this afternoon. Ethereum (ETH) is down 2.6%, Ripple (XRP) is down 2.2%, EOS is down 0.2%, Litecoin (LTC) is down 2.1%, Binance Coin (BNB) is down 4.5%, Stellar (XLM) is down 2.7%, Cardano (ADA) is down 1.6%, Tron (TRX) is down 1.2%, Monero (XMR) is down 1.9%, Dash (DASH) is down 3.8%, IOTA (MIOTA) is down 4.2%, and Dogecoin (DOGE) is down 2.6%.

The least profitable cryptocurrency today is Bitcoin SV (BSV), which is down 13.9%. Monero (XMR) has now passed Bitcoin SV (BSV) in the CoinMarketCap rankings, pushing Bitcoin SV (BSV) down to number 13. The reason Bitcoin SV (BSV) is declining so sharply today is that Binance has delisted Bitcoin SV (BSV). The CEO of Binance Changpeng Zhao decided to delist Bitcoin SV (BSV) following a battle on Twitter between Craig Wright, the Founder of Bitcoin SV (BSV), and Hodlonaut, the Founder of the Bitcoin Lightning Torch.

Bitcoin SV’s (BSV) misfortune is a boon for Bitcoin Cash (BCH), which is the only major cryptocurrency in the green today with a 10.6% gain. It appears that Bitcoin SV (BSV) supporters who were using Binance are selling off their Bitcoin SV (BSV) and buying Bitcoin Cash (BCH).

The total crypto market cap has declined from $174 billion to $171 billion today. This is still 71% above the bear market low in December of $100 billion, revealing how much the crypto market has recovered and how today’s losses are not that significant when looking at the bigger picture.