The recovery in the U.S. stock market seems to have acted as a catalyst for the relief rally in Bitcoin and select altcoins.
Bitcoin (BTC) remains pinned below $27,000 and the recent weakness of the past few days has increased calls from analysts for a fall to the low $20,000 levels. While anything is possible, the bulls are unlikely to give up the $25,000 support without putting up a fight.
Glassnode’s lead on-chain analyst Checkmate said in his comments on May 24 that the Sell-side Risk Ratio metric suggests that “sellers are exhausted on both sides” and that indicates big moves “are coming.” The last time the Sell-side Risk Ratio was this low was in late 2015, which started the bull run that reached $20,000 in December 2017.
Another short-term positive is that market observers expect a debt ceiling deal to be reached and that has boosted the price of the United States equities markets on May 26. If the risk-on sentiment sustains, it could increase demand for Bitcoin and select altcoins.
What are the crucial resistance levels in Bitcoin and the major altcoins that need to be crossed for a sustained recovery to begin? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin…
