The bears try to increase Bitcoin’s (BTC) document of nine consecutive red weekly candles to 10 weeks, however the bulls try to avert this detrimental incidence. Though sentiment stays detrimental, Arthur Hayes, former CEO of derivatives large BitMEX, anticipates Bitcoin to bottom out within the vary of $25,000 to $27,000.

On-chain information from Glassnode exhibits that sensible cash might have began accumulating Bitcoin. The net outflows from major cryptocurrency exchanges reached 23,286 Bitcoin on June 3, the best since Could 14.

Crypto market information each day view. Supply: Coin360

One other constructive signal of accumulation is that funding into Bitcoin exchange-traded merchandise (ETPs) was robust in Could and has solely risen additional within the first two days of June, based on an Arcane Analysis report. The ETPs hold 205,000 Bitcoin under management, which is a brand new document.

May Bitcoin flip up and begin a restoration? If that occurs, might choose altcoins comply with the chief? Let’s examine the charts of the top-5 cryptocurrencies that will lead the reduction rally.