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

A optimistic signal is that Bitcoin whales have been shopping for the market correction. Glassnode information reveals that the variety of Bitcoin whale wallets with a stability 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 each day view. Supply: Coin360

Blockware Options highlighted that the Mayer A number of metric, which compares the 200-day easy shifting common with the present value, was languishing “close to among the lowest readings on document.” The agency mentioned a couple of 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 comply with it greater. Let’s research the charts of the top-5 cryptocurrencies which will lead the reduction rally.