BTC, ETH, ICP, AAVE, LUNA

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Bitcoin’s (BTC) rebound is facing strong resistance near the $ 35,000 mark, but Bloomberg Intelligence’s senior commodities strategist Mike McGlone remains bullish. In his latest analysis, McGlone said the chance that Bitcoin will hit $ 60,000 is greater than its price, which will drop to $ 20,000.

Institutional investors appear to be taking advantage of Bitcoin’s weakness to build their positions. Cathie Woods Ark Invest added more than 450,000 shares of the Grayscale Bitcoin Trust in two separate purchases last week, increasing their holdings to more than 9 million shares. Edge Wealth Management and Rothschild Investment Corp also added GBTC stocks to their portfolios.

Daily view of crypto market data. Source: Coin360

However, not everyone is that optimistic about Bitcoin. Delphi Digital analysts have indicated that Bitcoin is testing support at the 12-month moving average and a break below that could result in further downward moves. Kevin Kelly, a certified financial analyst at Delphi Digital, said a break below $ 30,000 could prove bearish for Bitcoin.

If bitcoin remains tied to the range, traders will likely shift their focus to select altcoins, which could be surprising on the upside. Let’s look at the charts of the top 5 cryptocurrencies that could continue to generate buying interest in the short term.