When the sentiment in the market turns bearish, every bit of negative news, however insignificant, pulls the price down as traders panic sell. This is what happened after China’s social media giant, Weibo, suspended a number of crypto-related accounts and triggered fears that a wider crackdown could occur.
Crypto market data daily view. Source: Coin360
While the news may be negative in the short term, it is unlikely to change the long-term story of Bitcoin. As the price corrects, several institutional investors are likely to consider crypto investments to hedge their portfolio against the possible surge in inflation in the United States.
From the perspective of most traders, Bitcoin’s current decline continues to represent a buying opportunity for the longer term.
Let’s analyze the charts of the top-5 cryptocurrencies that may outperform