Bitcoin has gained ground over the past 24 hours, but was unable to sustain an overnight move over US$38,000. Trader and influencer Tone Vays says he’s “leaning bullish” but admits it’s a tough call.

With Bitcoin trading about 10 per cent below its 200-day exponential moving average, “I cannot rush into this trade,” he said in a video posted this morning.

“We have so much resistance above us, that even if if the price of Bitcoin goes all the way to $48,000, that’s when we hit the real resistance,” he said.

“I would not be surprised at all if we rally all the way to $47,000, and then potentially have a catastrophic drop down into the $20,000 area.”

Vays said while he’s on record saying that the bull market would resume in July, it would be incredibly challenging to recover from a drop into the $20,000s..

“We would need a monster V-shaped recovery of that area, similar to what happened in the COVID days,” he said, referring to the March 2020 crypto crash.

A little past noon AEST, Bitcoin was trading at US$37,290 ($48,200), up 2.6 per cent from 24 hours ago.

It has been trading in an increasingly narrow range since the May 19 crash, in what traders were describing as a wedge, triangle or compression pattern — a classic crypto formation that typically ends in a breakout in one direction or the other.

Meanwhile Ethereum was changing hands for $US2,676 ($3,463), up 3.2 per cent.

About 80 of the top 100 coins had gained ground in the past 24 hours and 15 had lost it.

Crypto markets

OKB Coin was the top gainer in the top 100, up 24.9 per cent. The No. 29 crypto, OKB is a utility token to pay for services on the OKEx crypto exchange. Kusama the best second gainer, was up by 20 per cent.

Dogecoin had gained 14.4 per cent to US41.5c following its listing on Coinbase.

Algorand was up 15 per cent to US$1.04.

0x, yesterday’s top gainer, was the worst performer, down 6.3 per cent.