As range conformity continued, Bitcoin (BTC) momentarily rebounded to $30,000 before the May 25 Wall Street open.
BTC/USD managed to touch $30,189 before settling down under the $30,000 level, according to TradingView data.
While it may look uninteresting at first glance, Bitcoin on short timeframes kindled Michael van de Poppe’s interest, who anticipated a run to approximately $33,000 in the near future.
As per Michael, “If we hold $29.4K, we’ll be good towards $32.8K. Finally.”
Bitcoin hasn’t been this high since May 9, just before the Terra implosion brought it down to ten-month lows.
On the 4-hour chart, another trader Nebraskan Gooner, was looking for a run of higher lows, highlighting $30,400 as “the level to beat.”
According to CryptoQuant, an on-chain analytics company, concerns from the network transaction value (NVT) Golden Cross gauge signaled that pullback was on the way.
A surge in NVT Golden Cross, which occurred on the day, strengthened the view that volume was insufficient to maintain an ascending trajectory.
Bitcoin Outperforms Altcoins
The crypto market is trading at extreme lows and highs, particularly for ALTcoins, which have seen enormous drops, even bigger than Bitcoin. BTC is the primary cause.
While ALTcoin is waking up, dominance is waking up as well. The hegemony is waning. This is a huge dominance reversal at a precise period, in the bear trend, which is why ALTcoins are suffering the most.
We can clearly see that Bitcoin is trading impulsively higher away from the lows on the BTC.D/OTHERS.D daily chart, which is essentially a ratio chart between Bitcoin. dominance and altcoins. dominance.
We may really predict a five-wave bullish impulse in Elliott Wave theory, therefore it appears that BTC will dominate in the following weeks/months.
ETHBTC is another chart that demonstrates and proves that BTC is stronger than ALTcoins.
As you can see, ETHBTC is falling due to BTC dominance, and there is still opportunity for additional weakening from an Elliott Wave perspective following the recent A-B-C corrective flat pattern in wave (B)/ (2).
So, ETHBTC is currently plunging for wave (C) or maybe even wave (3), with room to fall to at least 0.059 – 0.050, if not much lower.