Market Analysis: Bitcoin (BTC) Rises Back to $7,900 After Dropping to $7,700 Around Noon, Litecoin (LTC) Continues to Rally, Crypto Market Mixed

June 11, 2019 / by Zachary Mashiach

Bitcoin (BTC) has been volatile today. Around 6 a.m. Eastern time Bitcoin (BTC) dropped from $8,000 to $7,800, eventually falling as low as $7,730 around Noon. Bitcoin (BTC) then rebounded to almost $8,000 at 4 p.m. but has currently pulled back to $7,900.

Zooming out, Bitcoin (BTC) has been sideways and volatile for the past week, trading in a range between support at $7,500 and resistance at $8,100. Longer term support and resistance levels are at $7,000 and $9,000 respectively.

The CME Bitcoin futures expiration at the end of May seems to have defined the Bitcoin (BTC) market so far during the month of June. Since the expiration, Bitcoin (BTC) is down about $1,000 and capped below resistance at $8,000. Based on data from past CME Bitcoin futures expirations, this suggests that Bitcoin (BTC) could be bearish for the rest of the month of June.

The rest of the crypto market is in the red since the CME Bitcoin futures expiration, but Litecoin (LTC) is bucking the trend. Litecoin (LTC) is up 8.1% in the past 24 hours, up 36% in the past week, and up 51% over the past month. It seems that speculation regarding the upcoming Litecoin (LTC) block halving, which is happening within two months, is fueling the current Litecoin (LTC) rally.

The crypto market is mixed today, which is common when Bitcoin (BTC) experiences volatility. Aside from Litecoin (LTC), which is the most profitable cryptocurrency today, Binance Coin (BNB) is up 0.2%, Cardano (ADA) is up 4.7%, Monero (XMR) is up 0.8%, NEO is up 0.1%, and Zcash (ZEC) is up 0.2%.

Most cryptocurrencies are in the red. Ethereum (ETH) is down 0.3%, Ripple (XRP) is 0.9%, Bitcoin Cash (BCH) is down 0.8%, EOS is down 1%, Bitcoin SV (BSV) is down 1.5%, Stellar (XLM) is down 0.6%, Tron (TRX) is down 0.7%, Dash (DASH) is down 2.3%, IOTA (MIOTA) is down 1.4%, Cosmos (ATOM) is down 1.5%, Ethereum Classic (ETC) is down 0.1%, Tezos (XTZ) is down 1.7%, and Dogecoin (DOGE) is down 1.3%.

Over the past day, the total crypto market cap has fluctuated between $257 billion and $248 billion, but the 24-hour change is nearly zero. Currently, the total crypto market cap is $254 billion, which is 154% above the bear market low of $100 billion in December, but down 11.5% since the 2019 high of $287 billion on May 30.