After declining for eight successive weeks, the Dow Jones Industrial Common rebounded sharply final week to complete higher by 6.2%. Nonetheless, Bitcoin (BTC) has not been able to replicate the performance of america equities markets and is threatening to color a purple candle for the ninth week in a row.

A constructive signal is that Bitcoin whales have been shopping for the market correction. Glassnode information reveals that the variety of Bitcoin whale wallets with a steadiness of 10,000 Bitcoin or extra has risen to its highest stage since February 2021. The accumulation in the whale wallets means that their long-term view for Bitcoin stays bullish.

Crypto market information day by day view. Supply: Coin360

Blockware Options highlighted that the Mayer A number of metric which compares the 200-day easy transferring common with the present worth was languishing “close to a number of the lowest readings on file.” The agency mentioned just a few different indicators additionally counsel that Bitcoin is attempting to form a bottom.

If Bitcoin begins a restoration within the quick time period, sure altcoins are more likely to observe it increased. Let’s examine the charts of the top-5 cryptocurrencies that will lead the reduction rally.