Market Analysis: Bitcoin (BTC) Drops to as Low as $7,500 but Rebounds to $7,700, Crypto Market Generally in the Red, Tezos (XTZ) Rallies 19%

June 6, 2019 / by Zachary Mashiach

Bitcoin (BTC) has had a volatile past 24 hours. At midnight Eastern time, Bitcoin (BTC) was just below $7,900. Around 8 a.m., Bitcoin (BTC) began to decline, dropping to as low as $7,500 at 2:30 p.m. Bitcoin (BTC) managed to rebound in the past couple of hours, however, and is currently trading near $7,700.

It appears Bitcoin (BTC) has local resistance and support at $7,900 and $7,500 respectively. Longer term support lies near $7,000, which is the level to watch to see if Bitcoin (BTC) will make a significant bearish downturn. Longer term resistance is at the 2019 high of $9,000, and this is the level to watch to see if Bitcoin (BTC) can restart the recent bull run.

The crypto market is generally in the red today. Ethereum (ETH) is down 1.2%, Bitcoin Cash (BCH) is down 2.9%, EOS is down 4.1%, Bitcoin SV (BSV) is down 11.1%, Stellar (XLM) is down 0.4%, Tron (TRX) is down 5.2%, Cardano (ADA) is down 2.9%, Monero (XMR) is flat on the day, Dash (DASH) is down 2.5%, IOTA (MIOTA) is down 2.5%, Cosmos (ATOM) is down 0.9%, Ethereum Classic (ETC) is down 4.8%, NEO is down 2.4%, Zcash (ZEC) is down 1.1%, and Dogecoin (DOGE) is down 0.2%.

A few cryptocurrencies have gained today. Litecoin (LTC) is up 1.7%, Binance Coin (BNB) is up 2.1%, and Tezos (XTZ) is rallying with an 18.9% gain.

Over the past 24 hours, the total crypto market cap has lost $4 billion, declining from $251 billion to $247 billion. The total crypto market cap has rebounded $5 billion since the lows of the day at 2:30 p.m., however.

The current total crypto market cap is 147% above the bear market low of $100 billion in December. The crypto market is now waiting to see whether the bearish trend that started after the CME Bitcoin futures expiration continues or if the crypto market can reverse and head back to the highs for 2019.