Market Analysis: Bitcoin (BTC) Pushing up Against $5,300-$5,400 Resistance Level, Will It Break Through This Time?

April 18, 2019 / by Zachary Mashiach

Bitcoin (BTC) steadily increased from $5,200 yesterday evening to $5,300 around midnight, before being pushed back to $5,230 in the early morning. Since then Bitcoin (BTC) has once again been on a steady uptrend and is pushing up against $5,300 as of this writing in the late afternoon Eastern time.

Since the beginning of April, Bitcoin (BTC) has tested the $5,300-$5,400 resistance level a handful of times but has so far failed to break through it. The question is: will Bitcoin (BTC) finally break through on this attempt, or will it be pushed back to support levels like during previous attempts?

If Bitcoin (BTC) were to break through the $5,300-$5,400 resistance level it would likely come about via a short squeeze and associated rapid price rise. If Bitcoin (BTC) is pushed back again there is support at $5,200 and $4,800.

The crypto market is generally in the green today due to Bitcoin (BTC) rising over the past 24 hours. Ethereum (ETH) is up 4.4%, Ripple (XRP) is up 0.5%, Litecoin (LTC) is up 3.7%, EOS is up 1.4%, Stellar (XLM) is up 1.5%, Tron (TRX) is up 0.8%, Monero (XMR) is up 1.9%, Dash (DASH) is up 3.7%, and IOTA (MIOTA) is up 0.8%.

Binance Coin (BNB) is the most profitable cryptocurrency today with an 11.3% gain. This rally is due to the Binance Chain going live today and the expectation that the Binance DEX will go live around April 23.

Tezos (XTZ) is also rallying today with a 10.3% gain. Since March, Tezos (XTZ) has rallied over 230% due to Coinbase and Binance launching staking services for Tezos (XTZ). This has made Tezos (XTZ) perhaps the most popular proof of stake (PoS) cryptocurrency.

Additionally, Bitcoin SV (BSV) is rallying today with a 9% gain, following heavy losses earlier this week due to Bitcoin (SV) being delisted from Binance and Kraken.

The total crypto market cap has gained $3.5 billion today, rising from $177.5 billion to $181 billion. This puts the total crypto market cap 81% above the bear market low of $100 billion in December.

The fact that 3 major cryptocurrencies are rallying today is a bullish sign. That being said, Bitcoin (BTC) will have to break through the $5,300-$5,400 resistance level for a true rally to take place.