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The cryptocurrency market is trying to show some signs of life after its recent drop. Most of the top 10 coins are in the green, with Bitcoin (BTC) having the biggest gain of more than 3% since yesterday. The total market capitalization has also approached the $200 billion mark.
Below is key information for Bitcoin (BTC), Ethereum (ETH), EOS (EOS), TRON (TRX), and Litecoin (LTC):
BTC has risen sharply in the last 24 hours. This was facilitated by oversold conditions, resulting in an increase in price above the $7,000 mark. However, in order to confirm the bullish forecast, BTC would need to grow by more than 15% before the end of the month – up to $8,300.
Looking at the hourly chart, BTC is trading sideways above the $7,100 support level. The last bullish candle closed with a long wick, which usually indicates a short-term rise.
Traders should expect BTC to be near the $7,250 zone soon. The support line of the Bollinger Bands confirm that the coin is unlikely to go below $7,100 anytime soon.
At press time, BTC is trading at $7,145.
The technical analysis of ETH does look as positive as BTC, even though this main altcoin has grown by 0.9% in the last…