Bitcoin (BTC) is attempting to hold above its next support level and traders are watching to see if the price can remain strong and close above the 2022 annual open price of $46,200 for the second week in a row.

According to Sam Stovall, chief investment strategist at CFRA, April has historically been the best-performing month of the year for the S&P 500. If history repeats itself and the close correlation between US stock markets and Bitcoin continues, it could bode well for crypto markets in the near-term.

Daily crypto market data view. Source: Coin360

Another sentiment booster could be that the 19 million bitcoin came into circulation on April 1st. The crypto markets will have to wait a long time for the remaining 2 million Bitcoin, as the last Bitcoin is expected to be mined by 2140. This could shift the focus that there is only a small amount of bitcoin left to mine and growing demand could lead to shortages and push up prices.

Could Bitcoin hold above its critical support, and if so, will altcoins rally? Let’s study the charts of the top 5 cryptocurrencies that could extend their recovery in the short term.