The S&P 500 and Nasdaq have both fallen for five consecutive weeks, indicating that traders continue to reduce exposure to risky assets. The close correlation of Bitcoin (BTC) with the US stock markets has resulted in its price remaining under pressure.

Bitcoin has extended its decline over the weekend and is now on track for its sixth consecutive weekly loss, the first of its kind since 2014. Bitcoin’s weakness has brought down all crypto markets, whose market capitalization has fallen below the 1.6 trillion dollars.

Daily view of crypto market data. Source: Coin360

When sentiment is bearish, traders sell every negative piece of news. The decoupling of the U.S. dollar stablecoin TerraUSD (UST) from Terra also appears to be increasing selling pressure across the cryptocurrency market.

After Bitcoin’s six consecutive weekly closes in the red, is it time for a recovery? Let’s study the charts of the top 5 cryptocurrencies that are showing signs of stabilization in the short term.