Market Analysis: Bitcoin (BTC) Spikes in Late Afternoon to $5,200, Crypto Market in the Green, and Total Crypto Market Cap Gains $5 Billion

April 16, 2019 / by Cathy Zollo

Yesterday afternoon the price of Bitcoin (BTC) dropped from $5,150 to as low as $4,980, leading to losses across the crypto market. However, buying pressure quickly re-asserted itself and the price of Bitcoin (BTC) steadily rose to $5,080 by early this morning. There was a setback in the late morning, and Bitcoin (BTC) declined to $5,020, but then the price of Bitcoin (BTC) rose quickly to as high as $5,220 in the early afternoon. Currently, the price of Bitcoin (BTC) is $5,180.

Trading activity over the past day suggests there is support for Bitcoin (BTC) at $5,000 and resistance at $5,200. There is also resistance at $5,300-$5,400, the key level that must be broken for Bitcoin (BTC) to rally.

Following the Bitcoin (BTC) price increase early this afternoon, other major cryptocurrencies surged into the green. Ethereum (ETH) is up 3.4%, Ripple (XRP) is up 1.7%, Bitcoin Cash (BCH) is up 3%, Litecoin (LTC) is up 4%, EOS is up 2.9%, Binance Coin (BNB) is up 2.8%, Stellar (XLM) is up 2.3%, Cardano (ADA) is up 2.4%, Tron (TRX) is up 2.5%, Monero (XMR) is up 6.3%, Dash (DASH) is up 2.3%, IOTA (MIOTA) is up 2.8%, Tezos (XTZ) is up 7.6%, and Dogecoin (DOGE) is up 2.2%.

The only major cryptocurrency down today is Bitcoin SV (BSV) with a loss of 9.2%. Bitcoin SV (BSV) is getting hit hard following being delisted from Binance and has slid into rank number 14 on CoinMarketCap behind Monero (XMR) and Dash (DASH).

Over the past 24 hours, the total crypto market cap has increased $5 billion, from $171 billion to $176 billion. This puts the total crypto market cap 76% above the bear market low of $100 billion which was reached in December. This puts in perspective that the crypto market has recovered significantly, and if this trend were to continue it is possible that the bear market will end and a new bull market will be born.