Bitcoin and Ethereum rose on Thursday after witnessing a drop on Wednesday. BTC buyers reacted to the oversold conditions. Even though the upward trend appears to be limited, the momentum signals are still negative. The support of BTC lies at US$27,000, while the resistance holds at US$33,000, which can keep the short-term buyers active in the market. BTC can either break to its support or break out of resistance in the coming days as we move towards the week’s end.
Reversal round the corner?
Some analysts speculate that crypto markets have bottomed out and a reversal is just around the corner.
On the daily time-frame, the BTC chart continues to traverse within a descending triangle pattern, trading almost at the pattern bottom. We could expect a bounce back from this level in the coming days. The next resistance for BTC is expected at $40,000 and an immediate support is expected at $24,000.
Bitcoin dominance has been highest since October 2021. It has emerged as the most dominant crypto asset in the bear market and the recent surge in dominance is due to Terra’s collapse last week.
