Sun. Jun 16th, 2024


By Mahesh Limbani May 20, 2022

Bitcoin’s (BTC) tight correlation with the legacy markets continues to be a drag, especially as the United States equity markets remain in a firm bear trend. The Dow Jones Industrial Average is on track for its eighth consecutive negative week and the S&P 500 is close to plunging into the bear market territory.

Celsius (CEL) CEO Alex Mashinsky believes that the short sellers on Wall Street are looking for any weakness in crypto companies to “short and destroy.” Mashinsky blamed “the Sharks of Wall Street” for bringing down Terra (LUNA) and trying to destabilize Tether (USDT) and Maker (MKR) and “many other companies,” including Celsius.

Daily cryptocurrency market performance. Source: Coin360

Bear markets, though painful in the short term, tend to be good buying opportunities for long-term investors. However, it’s important to remember thatwhen the next bull phase starts, not all coins will return to their former glory.

Every bull market generally has a new set of leaders, hence traders should try to identify the cryptocurrencies that are leading the market rather than buying the laggards. Nic Carter put it nicely when he said that everything will not make a comeback and “some things die permanently.”

Could Bitcoin and altcoins break below their recent lows or will bulls defend the supports successfully? Let’s study the charts of the top-10 cryptocurrencies to find out.