Market Analysis: Bitcoin (BTC) Market Sideways and Volatile Today, Most Major Altcoins in the Green

June 19, 2019 / by Zachary Mashiach

The price of Bitcoin (BTC) is currently trading near $9,150, about the same as it was 24 hours ago, but there has been plenty of volatility in the meantime. Yesterday evening, Bitcoin (BTC) tested support at $9,000, dropping as low as $8,960, but this support level held, and Bitcoin (BTC) bounced back to $9,200 by midnight Eastern time. The price of Bitcoin (BTC) then sagged as low as $9,050 at multiple points during the morning, before coming back to $9,150.

It seems there is local resistance to contend with at $9,200, and combined with support at $9,000, this is leading to a narrow trading range for Bitcoin (BTC) at this time. The most important resistance level to watch is $9,400-$9,500 since, if Bitcoin (BTC) breaks that level, it can extend this year’s bull run. Simultaneously, the most important support level to watch is $8,800 since if Bitcoin (BTC) were to fall below $8,800 significant losses will be possible. If Bitcoin (BTC) breaks through $9,400-$9,500, it will then encounter a major psychological resistance level at $10,000.

Other major cryptocurrencies are mostly in the green this afternoon with small to moderate gains. Ethereum (ETH) is up 0.8%, Ripple (XRP) is up 0.9%, Litecoin (LTC) is up 3%, Bitcoin Cash (BCH) is up 0.6%, EOS is up 0.6%, Binance Coin (BNB) is up 2.4%, Bitcoin SV (BSV) is up 0.7%, Cardano (ADA) is up 0.1%, Tron (TRX) is up 1.3%, Monero (XMR) is up 3.3% and is now trading near $100, Dash (DASH) is up 1.2%, Cosmos (ATOM) is up 0.6%, IOTA (MIOTA) is up 0.7%, NEO is up 1.4%, Ethereum Classic (ETC) is up 0.2%, and Zcash (ZEC) is up 0.1%.

A handful of major cryptocurrencies are in the red today but with only slight losses. Stellar (XLM) is down 1%, Tezos (XTZ) is down 2.3%, and Dogecoin (DOGE) is down 0.7%.

Notably, Bitfinex’s LEO token has been listed on CoinMarketCap as of today, and it is ranked at #13 ahead of Monero (XMR) and Dash (DASH) with a market cap of $1.85 billion. LEO is down 1.2% today, but up 85% since its initial exchange offering about a month ago.

The bulls have outpaced the bears over the last 24 hours, causing the total crypto market cap to rise from $283 billion to $287 billion. This is 187% above the bear market low of $100 billion in December and only $5 billion below the 2019 high of $292 billion reached a couple of days ago. Indeed, it would take only one moderately bullish day to push the total crypto market cap up to new 2019 highs.