Market Analysis: Bitcoin (BTC) Rises to $8,200, Total Crypto Market Cap Gains $7 Billion, Litecoin (LTC) Rally May Have Ended

June 12, 2019 / by Zachary Mashiach

The price of Bitcoin (BTC) has generally been rising over the past few days from $7,530 Monday evening to as high as $8,220 around 11 a.m. Eastern time today. Currently, Bitcoin (BTC) has pulled back a bit and is trading near $8,150.

For over a week, Bitcoin (BTC) has been trading between support at $7,500 and resistance at $8,100-$8,200. Currently, Bitcoin (BTC) is near the top of its trading range, and the market is waiting to see whether Bitcoin (BTC) can break through resistance and head upwards towards longer-term resistance near $9,000. If Bitcoin (BTC) gets turned back at the $8,100-$8,200 resistance level, the key support levels to watch are $7,500 and $7,000.

Buoyed by Bitcoin’s (BTC) gains today, most major cryptocurrencies are in the green. Ethereum (ETH) is up 4.6% and trading near $256, Ripple (XRP) is up 1.6%, Bitcoin Cash (BCH) is up 0.9%, EOS is up 0.9%, Binance Coin (BNB) is up 7.9% and approaching its all-time high of $35, Bitcoin SV (BSV) is up 2%, Stellar (XLM) is up 2.7%, Cardano (ADA) is up 6.3%, Tron (TRX) is up 4.8%, Monero (XMR) is up 2.7% and trading near $90, Dash (DASH) is up 3.9% and trading near $152, IOTA (MIOTA) is up 3.2%, Cosmos (ATOM) is up 3.8%, Ethereum Classic (ETC) is up 4.4%, NEO is up 4.6%, Zcash (ZEC) is rallying today with a gain of 11.8%, and Dogecoin (DOGE) is up 1.3%.

The only major cryptocurrencies in the red today are Litecoin (LTC) and Tezos (XTZ), with losses of 1.4% and 0.2% respectively. Litecoin (LTC) rallied 43% in a week, but since hitting its peak 2019 price of $143 this morning at 4 a.m. Litecoin (LTC) has declined over 5%. It seems that the Litecoin (LTC) rally, which was fueled by speculation regarding the upcoming block halving, may have ended.

The total crypto market cap has gained $7 billion over the past 24 hours, rising from $254 billion to $261 billion. This is 161% above the bear market low of $100 billion in December, but $26 billion lower than the 2019 high of $287 billion on May 30.