Bitcoin: Retreats After Fresh YTD High

Βitcoin (BTCUSD) retreats from yearly high at 11,240 that hit during the weekend and trades at 10,765.  The daily low for BTC was at 10,513 and the daily high at 11,240. Bitcoin capitalization jumped above 192 billion while the market capitalization of the top 100 cryptocurrencies also jumped to 325 billion, a cap figure that we haven’t seen since March 2018. Bitcoin (BTC) represents over 57 percent of cryptos value so it is clearly in control of crypto universe at the moment. News around Facebook (FB) cryptocurrency, Libra has helped to drive attention to cryptocurrency markets.

The picture is clearly bullish for the largest cryptocurrency in capitalization but it has to hold the 10,500 mark which have turned now into a strong support. Next support for BTC stands at $10,000 while more solid buying will emerge at the 8,875 the 20 day moving average. On the upside strong resistance now stands at 11,240 Sunday high, while I expect extra pressure from sellers at 11,500 and then at 12,000. Ethereum also mirrors the positive move from BTC and adding 22 dollars to 305.