BTC, ETH, XTZ, KCS, AAVE

After falling for eight consecutive weeks, the Dow Jones Industrial Average rebounded strongly last week to end upper by 6.2%. However,...


After falling for eight consecutive weeks, the Dow Jones Industrial Average rebounded strongly last week to end upper by 6.2%. However, Bitcoin (BTC) has was not able to reproduce the performance US stock markets and threatens to paint a red candle for the ninth week in a row.

A positive sign is that Bitcoin whales have bought the market correction. Data from Glassnode shows that the number of Bitcoin whales wallets with a balance of 10,000 Bitcoin or more hit its highest level since February 2021. The accumulation in whale wallets suggests that their long-term view for Bitcoin remains optimistic.

Daily view of crypto market data. Source: Coin360

Blockware Solutions pointed out that the Mayer Multiple metric that compares the 200-day simple moving average with the current price was languishing “near some of the lowest readings on record.” The company said a few other indicators also suggest that Bitcoin tries to form a bottom.

If Bitcoin begins a short-term recovery, some altcoins may follow it higher. Let’s study the charts of the top 5 cryptocurrencies that are likely to lead the relief rally.