Bitcoin is attempting to form a higher low at $28,630 and if that happens, ETH, XTZ, KCS and AAVE may rally in the near term.
After declining for eight successive weeks, the Dow Jones Industrial Average rebounded sharply last week to finish higher by 6.2%. However, Bitcoin (BTC) has not been able to replicate the performance of the United States equities markets and is threatening to paint a red candle for the ninth week in a row.
A positive sign is that Bitcoin whales have been buying the market correction. Glassnode data shows that the number of Bitcoin whale wallets with a balance of 10,000 Bitcoin or more has risen to its highest level since February 2021. The accumulation in the whale wallets suggests that their long-term view for Bitcoin remains bullish.
Blockware Solutions highlighted that the Mayer Multiple metric, which compares the 200-day simple moving average with the current price, was languishing “near some of the lowest readings on record.” The firm said a few other indicators also suggest that Bitcoin is attempting to form a bottom.
If Bitcoin starts a recovery in the short term, certain altcoins are likely to follow it higher. Let’s study the charts of the top-5 cryptocurrencies that may lead the relief rally.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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