BTC, ETH, XTZ, KCS, AAVE

After falling for eight consecutive weeks, the Dow Jones Industrial Average rebounded sharply last week and finished up 6.2%. However, Bitcoin (BTC) has failed to replicate the performance of the United States stock markets and is threatening to paint a red candle for the ninth consecutive week.

A positive sign is Bitcoin whales buying the market correction. Glassnode data shows that the number of Bitcoin whale wallets with a balance of 10,000 Bitcoins or more has risen to the highest level since February 2021. The accumulation in whale wallets shows that long-term views for Bitcoin continue to rise.

Daily view of crypto market data. Source: coin360

Blockware Solutions highlighted that the Mayer Multiple metric, which compares the 200-day simple moving average to the current price, is “close to some of the lowest readings on record.” The firm said several other indicators also show that Bitcoin is trying to make a bottom.

If Bitcoin starts a recovery in the short term, some altcoins are likely to follow it higher. Let’s examine the charts of the top 5 cryptocurrencies that could lead the relief rally.