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bitcoins (BTC) rebounded to near $24,500 on Aug. 17, indicating that the rally is still facing strong resistance from the bears. On-chain monitoring resource Material Indicators said demand liquidity on the Fire Charts was similar to previous local highs.

Another reason for caution among crypto investors was that the recovery in the The S&P 500 was reaching extreme overbought levels Short term. Jurrien Timmer, director of global macroeconomics at asset manager Fidelity Investments, said 88% of S&P 500 stocks were trading above their 50-day moving average, which was “breathtaking”.

Some were also cautious, like Michael Burry, the investor who sold short the 2008 housing bubble, almost emptied his stock portfolio in the second quarter of this year in expectation of a sharp fall in the stock markets.

Daily performance of the cryptocurrency market. Source: Coin360

While the short term looks uncertain, corporate investors who are typically in the long term game have increased their investments in the blockchain industry, including the crypto space. Top 40 listed companies has invested around $6 billion in blockchain startups between September 2021 and June 2022, according to an August 17 Blockdata blog post. That’s more than three times the $1.9 billion invested by companies between January 2021 and September 2021.

What are the critical downside levels that suggest the recovery may be running out of steam? Let’s study the charts of the top 10 cryptocurrencies to find out.