BTC, BNB, DOT, XEM, MIOTA

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Bitcoin (BTC) price has corrected in the past few days and traders are excited to see whether this is a small pullback or the beginning of a deeper decline. The problem is, no one has a crystal ball and analysts can only point out critical levels of support that may apply based on historical data and evidence.

However, during a bear phase, price tends to drop below key support levels as traders panic and sell out of fear, much like price beats upward targets during a bull run when traders buy due to FOMO.

March has historically been a weak month for Bitcoin, suggesting that seasonal traders would rather wait and watch than jump to buy at dips. This lack of demand could be one of the reasons why Grayscale Bitcoin Trust’s premium has plummeted over the past week.

Day view of crypto market data. Source: Coin360

Not all data is bearish, however. On February 26, Lex Moskovski, CEO of Moskovski Capital, pointed out that the Bitcoin miners’ positions turned positive on February 26 for the first time since December 27. On top of that, CryptoQuant CEO Ki Young Ju said the large Coinbase outflows in recent days suggest that institutions are still piling up at lower levels.

This data does not seem conclusive and does not provide an immediate picture of whether the advantage is with the bulls or the bears. Let’s examine the charts of the top 5 cryptocurrencies that could outperform in the next few days.