Market Analysis: Major Cryptocurrencies Mixed Today, But Bitcoin (BTC) and Ethereum (ETH) Don’t Budge

February 7, 2019 / by Zachary Mashiach

Most major cryptocurrencies are rebounding from yesterday’s losses and are in the green today. Ripple (XRP) is up 0.5 percent, EOS is up 0.2 percent, Litecoin (LTC) is up one percent, Tron (TRX) is up 0.2 percent, Stellar (XLM) is up 1.4 percent, Monero (XMR) is up 1.5 percent, IOTA (MIOTA) is up 3.6 percent, and Dash (DASH) is up 2.3 percent.

Bitcoin SV (BSV) is up 0.4 percent on the day as well, although yesterday was quite volatile, with a 16 percent rally that was quickly followed by a 10 percent price crash.

Not all major cryptocurrencies are up, however. Bitcoin Cash (BCH) is down 0.5 percent, Cardano (ADA) is down 0.3 percent, and Dogecoin (DOGE) is down 1.3 percent.

Overall the bulls and bears have negated each other today, and the total crypto market cap is the same as it was 24 hours ago, near $111.5 billion. There was a bit of a crypto rally this morning that brought the total crypto market cap to $112.5 billion, but cryptocurrency prices have been declining throughout the afternoon.

Despite other major cryptocurrencies having some price action today, Bitcoin (BTC) and Ethereum (ETH) have barely budged and are practically unchanged on the day. Bitcoin (BTC) rose to $3,380 during the morning’s mini-rally, but is now at $3,360, the same as it was 24 hours ago.

There appears to be resistance at $3,400, and another resistance at $3,500-$3,600, which was the price of Bitcoin (BTC) following the January CME Bitcoin futures expiration, and likely the level where CME traders took out short positions. Support appears to be around $3,300-$3,350, with longer term support at $3,100. Zooming out on the chart, we can see that Bitcoin (BTC) is slowly declining towards this longer-term $3,100 support level so far in 2019.

Overall, the trend of alternating up days and down days continues on the crypto market. A slight rally one day has usually been followed by a slight price drop the next day and vice versa. However, once in a while, a more severe down day occurs, dragging Bitcoin (BTC) and other major cryptocurrencies towards bear market lows. Any rallies during 2019 have been short-lived, indicating the crypto markets remain in a bearish mood.

The last true rally was from Dec. 17 through Dec. 20, when Bitcoin (BTC) rebounded $1,000 after hitting the bear market low.