Market Analysis: Bitcoin (BTC) Pushing up Against $3,900 Resistance Level All Day, Binance Coin (BNB) Drops 5 Percent, Stellar (XLM) Rallies 3.6 Percent

March 8, 2019 / by Zachary Mashiach

Bitcoin (BTC) has been pushing against the $3,900 resistance level all day, which is a resistance level that has been in place since Feb. 24. Bitcoin (BTC) briefly went above $3,900 twice today but was pushed back both times and currently sits at $3,895.

It appears buying pressure is greater than selling pressure, and it is possible that the $3,900 resistance level will break sometime soon. If this happened, it could trigger a short squeeze that could drive Bitcoin (BTC) towards the long term resistance level of $4,200.

Overall, Bitcoin (BTC) is up 0.5 percent today. Most cryptocurrencies are bearish today, although a few cryptocurrencies are in the green.

Stellar (XLM) is the biggest winner today with a 3.8 percent rally. Cardano (ADA) is up 0.3 percent and IOTA (MIOTA) is up 0.2 percent.

The biggest loser of the day is Binance Coin (BNB) with a 5.12 percent drop. This breaks a string of consistent gains for Binance Coin (BNB), and today’s drop might be a sign that the Binance Coin (BNB) rally went above its equilibrium level.

Ethereum (ETH) is down 0.1 percent, Ripple (XRP) is down 0.9 percent, Litecoin (LTC) is down 0.2 percent, EOS is down 0.7 percent, Bitcoin Cash (BCH) is down 1 percent, Tron (TRX) is down 1.2 percent, Bitcoin SV (BSV) is down 0.4 percent, Monero (XMR) is down 1 percent, Dash (DASH) is down 1.2 percent, and Dogecoin (DOGE) is down 0.7 percent.

Despite most cryptocurrencies heading downwards today the total cryptocurrency market cap remains at $134 billion, the same as it was 24 hours ago. Bitcoin’s (BTC) 0.5 percent gain seems to have balanced out the losses on the rest of the market.

Overall, the cryptocurrency market is meandering and waiting for Bitcoin (BTC) to make a decisive directional move. If Bitcoin (BTC) can break above the $3,900 resistance level the entire cryptocurrency market would be in a good position to rally.