After being rejected from the $4,000 resistance level yesterday, Bitcoin (BTC) rose back up to $4,000 at points during the morning and early afternoon today. The $4,000 resistance level has been stubborn since March 15. Currently, Bitcoin (BTC) is trading near $3,980.
If Bitcoin (BTC) can break through the $4,000 resistance level, it will have an opportunity to retest the long term resistance level of $4,200, which has been in place since December. If $4,200 is broken then a crypto bull run would likely take place.
In general, Bitcoin (BTC) has been on a solid uptrend since early February, making it seem probable that Bitcoin (BTC) will eventually get through these key resistance levels although there is no guarantee. The crypto market is waiting for Bitcoin (BTC) to make an upward move and poised to rally if such a move happens.
Despite Bitcoin (BTC) barely moving upwards today and being stuck below the $4,000 resistance level, the rest of the crypto market is generally bullish and in the green. The big winner today is Cardano (ADA) with a 10 percent gain. Cardano (ADA) is close to overtaking Tron (TRX) for the number 10 spot on CoinMarketCap. Other cryptocurrencies with more significant gains today are Bitcoin Cash (BCH) which is up 3 percent and Binance Coin (BNB) which is up 3.8 percent.
As for the rest of the major cryptocurrencies, Ethereum (ETH) is up 0.9 percent, Ripple (XRP) is up 0.4 percent, Litecoin (LTC) is up 1 percent, EOS is up 0.1 percent, Stellar (XLM) is up 1.3 percent, Tron (TRX) is up 1.8 percent, Bitcoin SV (BSV) is up 1.6 percent, Monero (XMR) is up 0.6 percent, IOTA (MIOTA) is up 0.5 percent, Dash (DASH) is up 0.2 percent, and Dogecoin (DOGE) is up 0.7 percent.
The fact that all major cryptocurrencies are rallying today — with a few seeing significant gains — may be an indication that pressure is building from below. Oftentimes, Bitcoin (BTC) leads the market, but sometimes, other major cryptocurrencies can lead the market and get a rally started. We’ve seen this over the last few months with Litecoin (LTC), which has rallied 150 percent from bear market lows and has helped lead the rest of the crypto market upwards.
The total crypto market cap has gained $1 billion over the last 24 hours, rising from $139 billion to $140 billion. This is still below the $142 billion level that was reached yesterday morning before Bitcoin (BTC) got rejected from the $4,000 level.
Overall, buying pressure and sentiment appears to be bullish throughout the crypto market, and if Bitcoin (BTC) can finally get through the $4,000 resistance level, a significant crypto rally would be likely.