Market Analysis: Bitcoin (BTC) Steady Near $8,700, Crypto Market Generally in the Green, Bitcoin SV (BSV) and IOTA (MIOTA) Rally

May 29, 2019 / by Zachary Mashiach

The price of Bitcoin (BTC) steadily declined overnight, reaching a low of $8,450 at 2 a.m. Eastern time. Bitcoin (BTC) then bounced back to $8,750 by 10 a.m. Since then, Bitcoin (BTC) has been oscillating near the $8,700 level. The 24-hour change for Bitcoin (BTC) is near zero.

Stock futures dived deep into the red overnight, and indeed, the Dow Jones Industrial Average (DJIA) has been down 200-400 points throughout the day. Stocks being down may have helped Bitcoin (BTC) recover this morning. An inverse correlation has been observed between stocks and Bitcoin (BTC), and the reason for this is that stock traders may diversify into Bitcoin (BTC) when stocks are doing poorly.

Support for Bitcoin (BTC) appears to be near $8,400, and this is the level to watch to see if the price of Bitcoin (BTC) will drop significantly. Bitcoin (BTC) has resistance between $8,800 and $9,000, and this is the level to break for Bitcoin (BTC) to continue its recent bull run.

The CME Bitcoin futures expiration is two days from now, and it will be critical to watch how the Bitcoin (BTC) market responds. CME Bitcoin futures expirations are often correlated with trend shifts in the Bitcoin (BTC) market.

Although Bitcoin’s (BTC) percentage change over the past 24 hours is near zero, the crypto market is generally in the green. This has caused the Bitcoin (BTC) dominance percentage to decline from 57.5% to 56.8% over the past day.

Bitcoin SV (BSV) is by far the most profitable cryptocurrency today with a 45% gain pushing its price up to $175. Bitcoin SV (BSV) has now jumped to the number nine position on CoinMarketCap, ahead of Stellar (XLM).

IOTA (MIOTA) and NEO have also posted strong gains today of 11.8% and 11.9%, respectively. IOTA (MIOTA) is rallying on news that the developers are removing the centralized coordinator feature.

Ethereum (ETH) is up 0.3%, Ripple (XRP) is up 1.2%, Bitcoin Cash (BCH) is up 4.8%, EOS is up 2.7%, Litecoin (LTC) is up 1.9%, Binance Coin (BNB) is up 1.4%, Stellar (XLM) is up 0.7%, Cardano (ADA) is up 2.4%, Tron (TRX) is up 0.6%, Dash (DASH) is up 1.1%, and Tezos (XTZ) is up 0.8%.

The only major cryptocurrencies in the red today are Monero (XMR) and Dogecoin (DOGE) with slight losses of 0.2% and 0.1% respectively.

Buoyed by the general gains across the crypto market, the total crypto market cap has risen from $273 billion to $276 billion over the past 24 hours. This is quite close to the 2019 total crypto market cap high of $278 billion reached a couple of days ago, and 176% higher than the bear market low of $100 billion in December.