BTC, XRP, NEAR, XMR, WAVES

bitcoin ( BTC ) dipped below $40,000 on March 4 and traded below the level throughout the weekend. Although crypto price action has been...


bitcoin (BTC) dipped below $40,000 on March 4 and traded below the level throughout the weekend.

Although crypto price action has been volatile in recent days, data from Glassnode shows that institutional investors are gradually accumulating Bitcoin via Grayscale Bitcoin Trust (GBTC) stocks since December 2021.

In another positive sign, fund managers did not panic and dumped their holdings in GBTC. This suggests that managers may be optimistic in the long term, so they are overcoming the pain in the short term.

Daily view of crypto market data. Source: Coin360

Bloomberg Intelligence said in its Crypto Market Outlook report on March 4 that Bitcoin could remain under pressure if US stock markets continue to slide, but ultimately they expect crypto to prevail. On the other hand, if the stock market recovers, then Bitcoin could ‘rise at a higher speed’ if past patterns repeat themselves.

Although the crypto markets are facing strong headwinds, some altcoins are showing signs of life. Let’s study the charts of the top 5 cryptocurrencies that could benefit from a rebound in Bitcoin.