Market Analysis: Bitcoin (BTC) Lacking Direction Today, Leaving Rest of the Cryptocurrency Market Mixed

March 13, 2019 / by Zachary Mashiach

Bitcoin (BTC) has been in a narrow trading range between $3,820 and $3,870 throughout today, and is currently at $3,850. The $3,900 resistance level remains in place, and Bitcoin (BTC) has made no attempt at testing that level today. Bitcoin (BTC) needs to break through $3,900, and the long term resistance level of $4,200 for a real bull run to take place.

Likewise, the $3,700 support level remains in place, and as long as Bitcoin (BTC) stays above $3,700, it is safe from retesting the bear market low and long term support level of $3,100.

Due to Bitcoin’s (BTC) lack of direction, the rest of the cryptocurrency market is mixed today. When Bitcoin (BTC) moves up or down, other cryptocurrencies usually follow, but when Bitcoin (BTC) is steady like today, other cryptocurrencies move up or down based on their own merits, fundamentals, and speculation..

On the bears’ side of the fence, there are some losses, but no significant crashes. Ethereum (ETH) is down 0.5 percent, Litecoin (LTC) is down 1.6 percent, EOS is down 1 percent, Bitcoin Cash (BCH) is down 0.1 percent, Binance Coin (BNB) is down 0.2 percent, Cardano (ADA) is down 1.6 percent, and Bitcoin SV (BSV) is down 0.8 percent.

Some cryptocurrencies are gaining today, but nothing that can be considered a rally. Ripple (XRP) is up 1.3 percent, Stellar (XLM) is up 2.3 percent, Tron (TRX) is up 0.9 percent, Monero (XMR) is up 1.7 percent, IOTA (MIOTA) is up 1 percent, Dash (DASH) is up 0.4 percent, and Dogecoin (DOGE) is up 0.9 percent.

Due to the lack of movement today the total cryptocurrency market cap has been oscillating near $134 billion.

Essentially, today has been a tepid day in the crypto space, and the crypto market is waiting for Bitcoin (BTC) to make up its mind and make a real move up or down. Long periods of relatively stable conditions on the crypto market, like this past week, tend to be followed by a rapid rally or crash.