Market Analysis: Bitcoin (BTC) Having a Choppy Day, Most Major Cryptocurrencies Hibernating with The Bears

February 26, 2019 / by Zachary Mashiach

The Bitcoin (BTC) market has been choppy with several peaks and dips throughout the day in a trading range of $3,760 to $3,820. Averaging out the volatility, Bitcoin (BTC) is on a slow uptrend from $3,750 to $3,800 since the crash from $4,200 to $3,700 on Feb. 24.

There appears to be support at $3,700 as well as the long-term support level of $3,100. Resistance is apparent at $3,900 and $4,200.

A break below $3,700 would be quite a bearish sign and would suggest a possible move downwards to the long term support level of $3,100. A sustained rise above $4,200 would re-ignite hopes for a bull run. At this point, it is a waiting game to see whether the bulls or bears win in March.

Although Bitcoin (BTC) is slightly going up today on average, most major cryptocurrencies are in the bear cave.

Ethereum (ETH) is down 1.8 percent, which may be related to the Constantinople/St. Petersburg hard fork which is happening at block 7.28 million. This fork has been delayed multiple times, first due to its failure on the testnet in late 2018 and then due to the discovery of a critical error right before the fork in January. The St. Petersburg hard fork is launching simultaneously to the Constantinople hard fork in order to prevent critical errors. Ethereum (ETH) is depending on this fork working this time, or the difficulty bomb will cause transaction fees to skyrocket and miner revenues to plummet. Already, Ethereum (ETH) block times have risen from 14 seconds to over 20 seconds.

Ripple (XRP) is down 3 percent, which is surprising, considering the Coinbase listing announcement yesterday. There was an 8 percent pump simultaneous with the announcement, but the rally lasted less than an hour, and Ripple (XRP) has been on average declining since the short rally. There is some evidence and speculation that insiders bought up Ripple (XRP) before the listing announcement, and this may explain why the listing rally did not last long.

Another rally is perhaps possible when Ripple (XRP) goes live for trading on Coinbase Pro and Coinbase.

EOS is down 3.6 percent, Litecoin (LTC) is down 2 percent, Bitcoin Cash (BCH) is down 2.2 percent, Stellar (XLM) is down 1.2 percent, Binance Coin (BNB) is down 4 percent, Cardano (ADA) is down 2.1 percent, Monero (XMR) is down 0.8 percent, IOTA (MIOTA) is down 1.1 percent, Dash (DASH) is down 1.7 percent, and Dogecoin (DOGE) is down 0.8 percent.

The only major cryptocurrencies up on the day are Tron (TRX), which is up 0.3 percent, and Bitcoin SV (BSV), which is up 8.8 percent.

Since Binance Coin (BNB) has been dropping and Bitcoin SV (BSV) has been rising, Bitcoin SV (BSV) is close to pushing Binance Coin (BNB) out of the top 10 on CoinMarketCap.

Over the past day, the total crypto market cap has dropped from $131.5 billion to $130 billion. This is above the low of $127.5 billion hit during the crash on Feb. 24, and on average the crypto market has been moving upwards since that dump.

The total crypto market is about 30 percent above the bear market low of $100 billion reached in mid-December. A re-testing of this bear market low cannot be ruled out until Bitcoin (BTC) and other cryptocurrencies make a true break upwards. So far each rally during the bear market has eventually been stomped out.

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