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

Bitcoin (BTC) rallied strongly after falling near its realized price of $24,000 on May 12, suggesting some bulls went against the herd and bought the drop. According to on-chain analytics platform CryptoQuant, exchange balances declined by more than 24,335 Bitcoin on May 11-12, suggesting bulls may have started bottom fishing.

However, macro investor Raoul Pal is not confident that a bottom has been reached. In an exclusive interview with Cointelegraph, Pal said that if stock markets experience a period of capitulation, crypto markets are likely to crash as well before forming a bottom. He expects the current bearish phase to end after the US Federal Reserve stops raising interest rates.

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Daily performance of the cryptocurrency market. Source: Coin360

Bear markets are known for sharp recovery rallies that are used to exit long positions or initiate short positions. The price eventually turns down and makes a new low. Lows are only confirmed in hindsight. Therefore, investors should consider accumulating in phases rather than going all-in during a bear market.

For now, investors want to know what key overhead levels can act as resistance. Let’s study the charts of the top 10 cryptocurrencies to find out.