Cryptos have been rebounding today after six straight days of losses, but one analyst doesn’t see the mini-rally going anywhere.

“Bulls trying their best but supply is very strong,” tweeted CryptoCapo, who has over 240,000 followers on the platform. “Hard to see it (Bitcoin) going above 39k. Dump incoming soon imo.”

“This could go to sub 35k soon,” he added.

Late this afternoon BTC was trading at just under $38,000, up 3.0 per cent from 24 hours ago, but had faded from around US$38,300 before lunchtime.

The Crypto Fear and Greed Index, a closely watched sentiment indicator, had improved to a 25, indicating “fear” – but better than yesterday’s “extreme fear” read of 20.

Ethereum was up 4.9 per cent to US$2,650, while the overall crypto market had bounced 4.1 per cent to $1.81 trillion.


Just one of the top 100 cryptos had dipped by more than one per cent – Frax Shares was down 2.1 per cent to $18.77.

Hedera Hashgraph was the biggest winner among top 100 coins, rising 14.1 per cent to 22.8c.

Terra (LUNA), Quant and Arweave were also double-digit gainers, climbing between 13 and 10 per cent.