Market Analysis: Bitcoin (BTC) Rises from $7,500 to $8,135 Before Pulling Back to $8,000, Litecoin (LTC) Rallies Over 10%, Total Crypto Market Cap Gains $12 Billion

June 7, 2019 / by Zachary Mashiach

Bitcoin rose from $7,500 at 2:30 p.m. Eastern time yesterday afternoon to as high as $8,135 at 2:30 p.m. today, a $635 (8.5%) increase in 24 hours. Simultaneously, the total crypto market cap gained $19 billion, rising from $242 billion to $261 billion.

Bitcoin (BTC) encountered resistance near $8,100 however and has pulled back to just below $8,000 currently. That being said, the Bitstamp order book depth chart suggests there is strong support at $7,950, which indicates that Bitcoin (BTC) should be able to reach $8,000 again. Additionally, the Bitstamp order book depth chart shows strong support from $7,700-$7,800. Aside from those support levels, there are also important support levels at $7,000 and $7,500.

$9,000 is the resistance level to watch to see if Bitcoin (BTC) will be able to rise back to the highs for 2019 and re-spark the recent bull run. However, Bitcoin (BTC) will have to break through the resistance at $8,100 first.

The rest of the crypto market is in the green with solid gains across the board. Litecoin (LTC) is leading the market with a gain of 10.8%. It’s important to note here that, oftentimes, Litecoin (LTC) is a bellwether for the rest of the crypto market. Ethereum (ETH) is up 3.4%, Ripple (XRP) is up 2.3%, Bitcoin Cash (BCH) is up 5.2%, EOS is up 7.9%, Binance Coin (BNB) is up 3.3%, Stellar (XLM) is up 4.5%, Tron (TRX) is up 4.9%, Cardano (ADA) is up 6.6%, Monero (XMR) is up 4.4%, Dash (DASH) is up 4.6%, IOTA (MIOTA) is up 7.7%, Cosmos (ATOM) is up 5.5%, Ethereum Classic (ETC) is up 7.6%, Tezos (XTZ) is up 2.2%, NEO is up 8.6%, Zcash (ZEC) is up 7.5%, and Dogecoin (DOGE) is up 0.9%.

The total crypto market cap is currently $256 billion, which is up $12 billion since 24 hours ago, but it down $5 billion since the peak prices at 2:30 p.m. The current total crypto market cap is 156% above the bear market low of $100 billion in December.

Today is the first day in over a week that can truly be considered bullish. Now, the crypto market is waiting to see whether this fresh bullish trend continues or if the bearishness that has been ongoing for most of the past week re-asserts itself.