Bitcoin and select altcoins attempted a relief rally, but most breakouts are being capped-off well below the 20-day moving average.
The crypto markets have been in a strong bear phase for the past several months but JPMorgan Chase analysts expect that to change and they have projected a significant upside from the current levels. The analysts cited the rising share of all stablecoins in the total crypto market for their bullish outlook.
Unperturbed by the current fall, retail traders have been adding Bitcoin (BTC) to their portfolios. The number of wallet addresses holding one Bitcoin surged by 13,091 to a record high of 865,254. Similarly, the number of addresses holding about 0.1 Bitcoin has also witnessed a sharp rise in the past 10 days, according to data from Glassnode.
Bitcoin’s sharp recovery from the June 18 fall shows strong buying at lower levels and according to Whalemap, this has led to the formation of a new “whale level,” which may act as short-term support.
Could the recovery in Bitcoin and major altcoins continue in the near term? Let’s study the charts of the top-10 cryptocurrencies to find out.