Prices for the majority of altcoins, including Bitcoin, have fallen, and they are expected to retest underlying support levels.
The strength of the United States Dollar Index (DXY) and the absence of a decisive catalyst have stifled the recovery of risky assets.Bitcoin (BTC tickers down $19,182) is still stuck in a narrow range, looking for a way out.The likelihood of Bitcoin breaking out of the range increases the longer it stays within it.
The institutional investors' long-term perspective does not appear to have been affected by the cryptocurrencies' short-term uncertainty.According to Robin Vince, CEO of BNY Mellon, a survey commissioned by the bank found that 91 percent of institutional investors were eager to invest in tokenized assets in the upcoming years.
John D'Agostino, a senior adviser at Coinbase, disagrees with the notion that financial institutions have been slow to adopt cryptocurrencies.D'Agostino stated in an interview with SALT that "institutional inertia is a very real thing," but that institutional adoption of digital assets has been "moving very, very fast."
To prevent a collapse in Bitcoin and a few other altcoins, what crucial support levels must the bulls defend?To find out, let's examine the charts of the top ten cryptocurrencies.