BTC, DOT, XMR, APE, CAKE


Bitcoin (BTC) and several altcoins are trading in a tight range over the weekend, suggesting that investors are undecided about the next directional move. Traders may be waiting for Wall Street to open before placing any big directional bets because Bitcoin has been closely correlated with the S&P 500 in recent days.

The sharp drop in US stock markets on April 22 suggests that investors are becoming increasingly nervous about the aggressive stance of central banks. The market expects a 250 basis point rate hike by the US Federal Reserve in 2022. In addition, the European Central Bank is expected to raise rates for the first time since 2011, according to a Reuters source.

Daily view of crypto market data. Source: Coin360

Data from Coinglass showed that funding rates on crypto derivatives exchanges remained negative over the weekend, indicating a bearish bias. Failure to hold a rally has pushed the Crypto Fear and Greed Index back into “extreme fear” territory.

Could Bitcoin attract strong buying at lower levels? If that happens, the selected altcoins could outperform. Let’s study the charts of the top 5 cryptocurrencies that show a positive chart structure.