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BTC, ETH, BNB, SOL, XRP, ADA, LUNA, AVAX, DOT, DOGE

Bitcoin (BTC) and most major altcoins are attempting to defend the immediate support levels, suggesting that bears are sensing an opportunity and attempting to take control of the price action.

The short-term price action doesn’t seem to worry long-term bitcoin bulls, who expect massive returns over the next few years. During her speech at the Bitcoin 2022 conference in Miami, ARK Invest Chief Executive Officer Cathie Wood reiterated her Bitcoin price target of $1 million by 2030.

Meanwhile, telecom billionaire Ricardo Salinas said during the conference that BTC and Bitcoin stocks make up 60% of his liquid investment portfolio. That’s a massive increase from his Bitcoin exposure in 2020, which was just 10% of his cash balance.

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Daily performance of the cryptocurrency market. Source: Coin360

While it may be positive in the long-term, Bitcoin could remain under pressure in the short-term due to the strength of the US dollar. Rising interest rates and a rejuvenating balance sheet have pushed the US Dollar Currency Index (DXY) above 100 for the first time since May 2020.

Could bitcoin break below critical support levels or will buyers see a strong recovery? Let’s study the charts of the top 10 cryptocurrencies to find out.