Market Analysis: Bitcoin (BTC) Range Bound Between $7,700 and $8,100, Crypto Market in the Red

May 22, 2019 / by Zachary Mashiach

Bitcoin (BTC) steadily declined from $8,100 yesterday evening to $7,800 this morning around 7 a.m. Eastern time before bouncing back to over $8,000 around 11 a.m. Bitcoin (BTC) then dropped to as low as $7,700 by 4 p.m. but has rebounded to just over $7,800 currently.

Zooming out, Bitcoin (BTC) has been sideways and volatile since Sunday, with a trading range between support at $7,600 and resistance at $8,300. The volatility seems to be decreasing with time, and Bitcoin’s (BTC) trading range is becoming narrower.

Since May 15 Bitcoin (BTC) has been capped below resistance from $8,300-$8,400, and this is the critical level to watch to see if Bitcoin (BTC) can extend its recent rally. Support at $7,600 is the critical level to watch to see if Bitcoin (BTC) will experience a significant bearish downturn.

Bitcoin (BTC) is towards the bottom of its trading range currently, resulting in red across the board on the crypto market. Ethereum (ETH) is down 4.1%, Ripple (XRP) is down 3.6%, Bitcoin Cash (BCH) is down 3.4%, EOS is down 4.4%, Litecoin (LTC) is down 1.8%, Binance Coin (BNC) is down 1%, Stellar (XLM) is down 5.6%, Cardano (ADA) is down 4.8%, Tron (TRX) is down 3.7%, Monero (XMR) is down 2%, Dash (DASH) is down 6.1%, IOTA (MIOTA) is down 5.3%, Tezos (XTZ) is down 6.1%, Cosmos (ATOM) is down 5.7%, and Dogecoin (DOGE) is down 3.9%.

Bitcoin SV (BSV) is the only major cryptocurrency in the green today with a gain of 3.3%. This is due to Craig Wright copyrighting Bitcoin’s (BTC) original code and white paper and promising to transfer the copyright ownership to the Bitcoin Association, which owns the software for Bitcoin SV (BSV).

Due to the red across the board, the total crypto market cap has declined from $251 billion to $244 billion. The losses today are only a slight dent in the gains from recent months, and the total crypto market cap is still 144% above the bear market low of $100 billion in December.