Market Analysis: Bitcoin (BTC) Oscillating Between $7,800 and $8,100 Over the Last 24 Hours, Major Cryptocurrencies Green Across the Board, Binance Coin (BNB) Surges to New All-Time High

May 21, 2019 / by Zachary Mashiach

The price of Bitcoin (BTC) steadily declined from $8,100 yesterday evening to $7,800 this morning. Then Bitcoin (BTC) pivoted and began to steadily rise, and currently, Bitcoin (BTC) is trading between $8,000 and $8,100.  

Zooming out, since Sunday Bitcoin (BTC) has been sideways and volatile, trading between support at $7,600 and resistance at $8,300. Based on trading data over the past week, there appears to be support levels at $7,800, $7,600, and $7,000, and these are the levels to watch to see if Bitcoin (BTC) will make a significant move downwards.

Resistance is apparent at $8,100 and $8,300-$8,400. The latter resistance level is particularly important to watch to see if Bitcoin (BTC) can continue its recent bull run. This resistance has been tested twice during May so far and has actually been a resistance level since June 2018.

All major cryptocurrencies are in the green today. Binance Coin (BNB) has gained 11.5% today and is at a new all-time high of $32, significantly higher than the price of $24.50 that Binance Coin (BNB) achieved during the major crypto rally of late 2017 and early 2018.

Bitcoin SV (BSV) is the most profitable cryptocurrency today. This morning Bitcoin SV (BSV) rallied 125% from $62 to $140 before leveling off near $100 later in the day. Bitcoin SV (BSV) is up 63% over the past 24 hours. This rally is due to news that Bitcoin SV (BSV) Founder Craig Wright has acquired the copyrights for Bitcoin’s (BTC) code and white paper and plans on transferring ownership of these copyrights to the Bitcoin Association, the organization that owns Bitcoin SV’s (BSV) code. It is unlikely he will be successful in this endeavor because there are bound to be legal challenges.

Ethereum (ETH) is up 2.8%, Ripple (XRP) is up 0.9%, Bitcoin Cash (BCH) is up 4%, EOS is up 1.2%, Litecoin (LTC) is up 0.4%, Stellar (XLM) is up 0.1%, Cardano (ADA) is up 0.3%, Tron (TRX) is up 2.6%, Monero (XMR) is up 2.7%, Dash (DASH) is up 0.1%, IOTA (MIOTA) is up 4%, Tezos (XTZ) is up 0.5%, NEO is up 1.6%, and Dogecoin (DOGE) is up 1.7%.

Buoyed by the green across the board, the total crypto market cap has risen from $244 billion to $251 billion over the past 24 hours. This is 151% above the bear market low of $100 billion in December. The total crypto market cap high for 2019 so far was $264 billion on May 15.