BTC, ETH, ICP, AAVE, LUNA

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Bitcoin’s (BTC) recovery is facing stiff resistance near the $35,000 mark but Bloomberg Intelligence senior commodity strategist Mike McGlone remains bullish. In his latest analysis, McGlone said that the probability of Bitcoin hitting $60,000 is greater than the price dropping to $20,000.

Institutional investors seem to be using the weakness in Bitcoin to build their positions. Cathie Wood’s Ark Invest added more than 450,000 shares of Grayscale Bitcoin Trust in two separate buys in the past week, increasing their holdings to more than 9 million shares. In addition, Edge Wealth Management and Rothschild Investment Corp also added GBTC shares to their portfolio.

Crypto market data daily view. Source: Coin360

However, not everyone is so bullish on Bitcoin. Analysts at Delphi Digital have pointed out that Bitcoin is testing the support at the 12-month moving average and a break below it could result in further downside. Kevin Kelly, a certified financial analyst at Delphi Digital, said a break below $30,000 could prove to be bearish for Bitcoin.

If Bitcoin remains range-bound, traders are likely to shift their focus on select altcoins, which may surprise to the upside. Let’s study the charts of the top-5 cryptocurrencies that may continue to attract buying interest in the short term.