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bitcoin ( BTC ) and most major altcoins have bounced off their strong support levels, but could the rally hold as traders are confident a...


bitcoin (BTC) and most major altcoins have bounced off their strong support levels, but could the rally hold as traders are confident a bottom is in place?

Bloomberg Intelligence Senior Commodity Strategist Mike McGlone said Bitcoin’s price is “about 30% below its 20-week moving average” at roughly the same position, leading to substantive training in March 2020 and July 2021.

Although Bitcoin corrected sharply in January, the stock market balances have fallen from 2.428 million Bitcoin on December 28 to 2.366 million Bitcoin on January 24, according to data from CryptoQuant. This indicates that investors can safely store their recent purchases.

Daily performance of the cryptocurrency market. Source: Coin360

However, it may not be a V-shaped recovery for Bitcoin because volatility should remain elevated. Traders will be watching closely for the US Federal Reserve’s decision at the end of its two-day policy meeting on January 26.

Could Bitcoin and most major altcoins extend their relief rally? Let’s study the charts of the top 10 cryptocurrencies to find out.