The recovery in Bitcoin and select altcoins suggest that lower levels of attracting buyers, an early sign of a possible bottom formation.
Usually, smaller investors panic and dump their holdings in a bear market but. According to Glassnode data released on Nov. 27, investors holding less than one Bitcoin, also called shrimps, bought 96,200 Bitcoin since the FTX crash.
Along similar lines, investors holding between 1 to 10 Bitcoin, classified as crabs, bought 191,600 Bitcoin over the past 30 days. This shows investors are continuing to accumulate at lower levels.However, a sharp recovery in Bitcoin’s price is unlikely for some time. Trading firm QCP Capital believes that the United States Consumer Price Index data on Dec. 13 and the U.S. Fed’s policy decision on Dec.
Could Bitcoin lead the cryptocurrency markets higher? Let’s study the charts of the top-10 cryptocurrencies to find out.Bitcoin turned up from $15,995 on Nov. 28 and broke above the developing descending triangle pattern on Nov. 30. This invalidated the bearish setup and may have attracted buying from the bulls who are trying to push the price above the 20-day exponential moving average .A close above the 20-day EMA will be the first sign that the bears may be losing their grip.
If the price turns down from the overhead zone but bounces off the 20-day EMA, it will suggest that bulls are buying the dips. That could increase the possibility of a rally to $20,000 and then to $21,500. Another possibility is that the price turns down from $17,622. If that happens, it will suggest that the pair may consolidate between $15,476 and $17,622 for some more time.
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