Market Analysis: Bitcoin (BTC) Stuck Below $3,900 Resistance Level, Cryptocurrency Market Mixed, Binance Coin (BNB) and Litecoin (LTC) Rallying

March 6, 2019 / by Zachary Mashiach

Bitcoin (BTC) is stuck below the $3,900 resistance level after a failed attempt at breaking through this morning. $3,900 is the level to watch to see if Bitcoin (BTC) can rally back to the long term resistance level of $4,200. Simultaneously, it is also important to watch the $3,700 support level since if Bitcoin (BTC) falls below it then a re-testing of the bear market low of $3,100 would be possible.

Currently, Bitcoin (BTC) is at $3,850, roughly the same as it was 24 hours ago. This lack of directional movement from Bitcoin (BTC) has led to a mixed day on the cryptocurrency markets.

Binance Coin (BNB) continues to rally on speculation regarding the Binance DEX and is up 4 percent today, and is close to overtaking Tether (USDT) for the number seven spot on CoinMarketCap. Binance Coin (BNB) has been steadily rising up the ranks over the last month and has already overtaken Bitcoin SV (BSV), Stellar (XLM), and Tron (TRX).

Litecoin (LTC) continues a consistent long-term rally with a 5.5 percent gain today. Since the middle of December, Litecoin (LTC) has rallied 136 percent. Now Litecoin (LTC) is close to overtaking EOS for the number four spot on CoinMarketCap.

Ethereum (ETH) is up 1.3 percent, Ripple (XRP) is up 0.6 percent, EOS is up 1.3 percent, Bitcoin Cash (BCH) is up 0.3 percent, Stellar (XLM) is up 0.1 percent, Monero (XMR) is up 0.7 percent, and Dash (DASH) is up 0.4 percent.

Major cryptocurrencies that are in the bear cave today include Tron (TRX), which is down 1.2 percent; Bitcoin SV (BSV), which is down 0.5 percent; Cardano (ADA), which is down 0.4 percent; IOTA (MIOTA), which is down 4.1 percent; and Dogecoin (DOGE), which is down 0.2 percent.

The bulls have overall outpaced the bears on this mixed day, and over the past 24 hours, the total cryptocurrency market cap has increased from $131.5 billion to $133 billion. This is more than 30 percent above the bear market low of $100 billion in mid-December.

It is obvious that the bear market continues, but it is promising that Litecoin (LTC) and Binance Coin (BNB) are seeing consistent gains and may be early indicators of the end of the bear market. A more affirmative indicator will be if Bitcoin (BTC) roars past $4,200.