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

On-chain knowledge from Glassnode reveals that good cash could have began accumulating Bitcoin. The net outflows from major cryptocurrency exchanges reached 23,286 Bitcoin on June 3, the very best since Might 14.

Crypto market knowledge every day view. Supply: Coin360

One other constructive signal of accumulation is that funding into Bitcoin exchange-traded merchandise (ETPs) was robust in Might and has solely risen additional within the first two days of June, in response to 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, may choose altcoins observe the chief? Let’s research the charts of the top-5 cryptocurrencies that will lead the aid rally.