Market Analysis: Bitcoin (BTC) Hovering Near $5,200 Today, Crypto Market Mixed

April 17, 2019 / by Zachary Mashiach

Bitcoin (BTC) has been relatively stable over the last 24 hours with the price generally hovering near $5,200. During the morning, Bitcoin (BTC) briefly rose as high as $5,260 and perhaps looked ready to test the $5,300-$5,400 resistance level again, but this price increase was short-lived, and Bitcoin (BTC) then dropped to $5,190. Currently, the price of Bitcoin (BTC) is near $5,230.

Trading data suggests there is support for Bitcoin (BTC) between $5,100 and $5,200. There is also likely a strong support level near $4,800. As for resistance, all eyes are on the $5,300-$5,400 resistance level, which has been tested four times during April but has not been broken yet. If Bitcoin (BTC) can break through the $5,300-$5,400 resistance level, a rally would be likely, especially since if this resistance level were to break it would probably happen via a short squeeze.

Since Bitcoin (BTC) has been hovering near $5,200 all day and lacking direction, the crypto market is mixed. Ethereum (ETH) is up 0.5%, Ripple (XRP) is up 3.1%, and Bitcoin SV (BSV) has finally stopped plummeting after being delisted from Binance and is up 0.3%. Tezos (XTZ) continues to rally and is the biggest winner today with a 6.9% gain. Tezos (XTZ) is likely rallying due to Coinbase and Binance announcing that customers will be able to earn money from staking Tezos (XTZ) on the exchange, making Tezos (XTZ) one of the most popular Proof of Stake (PoS) cryptocurrencies.

Bitcoin Cash (BCH) is down 2.7%, EOS is down 1.2%, Litecoin (LTC) is down 1.4%, Binance Coin (BNB) is down 0.6%, Stellar (XLM) is down 0.1%, Cardano (ADA) is down 0.3%, Tron (TRX) is down 0.5%, Monero (XMR) is down 0.9%, Dash (DASH) is down 0.7%, and Dogecoin (DOGE) is down 1.1%.

Although more cryptocurrencies are in the red today than in the green, the losses today are too small to call the market bearish. The total crypto market cap has actually managed to gain $1 billion today, rising from $176.5 billion to $177.5 billion.

The total crypto market cap is now 77% above the bear market low of $100 billion in December. The trend since early February is quite bullish with Bitcoin (BTC) rising nearly $2,000, and now all eyes are on Bitcoin’s (BTC) $5,300-$5,400 resistance level to see if the bullish trend can continue. That being said, it is too early to say the bear market is over.