Market Analysis: Bitcoin (BTC) Pulls Back to $7,800 Support Level After Hitting a New 2019 High of $8,365 Last Night, Crypto Market Mixed

May 16, 2019 / by Zachary Mashiach

Last night at 9 p.m. Eastern time, the price of Bitcoin (BTC) reached a new 2019 high of $8,365. Simultaneously, several other major cryptocurrencies surged 10-20%, resulting in the total crypto market cap hitting a new 2019 high of $264 billion. This is 164% above the bear market low in December.

After that, the price of Bitcoin (BTC) pulled back, dropping down to support near $7,800 at 9 a.m. By noon, Bitcoin (BTC) bounced back to just over $8,000 but declined during the afternoon and once again dropped to support at $7,800.

Zooming out, since Monday, Bitcoin (BTC) has been sideways and volatile. There is support apparent at both $7,600 and $7,800, and resistance levels staggered between $8,100 and $8,400.

After being bullish last night with all major cryptocurrencies deep in the green, the crypto market has turned mixed today. Ethereum (ETH) is one of the most profitable cryptocurrencies today with an 8.8% gain, and now Ethereum (ETH) is trading near $260, far above its bear market lows of $80-$90. Stellar (XLM) is also up 9.5% and EOS is up 3.9%.

Due to the $500 pullback in Bitcoin’s (BTC) price, most cryptocurrencies have fallen into the red. Ripple (XRP) is down 3.9%, Bitcoin Cash (BCH) is down 0.8%, Litecoin (LTC) is down 5.8%, Binance Coin (BNB) is down 1.9%, Cardano (ADA) is down 1%, Tron (TRX) is down 5.3%, Monero (XMR) is down 6.1%, Dash (DASH) is down 0.3%, Bitcoin SV (BSV) is down 5%, IOTA (MIOTA) is down 3.1%, Tezos (XTZ) is down 1.6%, and Dogecoin (DOGE) is down 0.1%.

After hitting a peak of $264 billion last night, the total crypto market cap has dropped $17 billion to $247 billion. However, in the past 24 hours, the total crypto market cap is only down $4 billion. Further, the losses since the peak prices last night have only put a slight dent in the crypto market’s recent gains. In the past week, the total crypto market cap is up $60 billion.