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

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Bitcoin (BTC) and most major altcoins are turning down from overhead resistance levels, indicating that the sentiment remains negative and traders are selling on every available opportunity.

Decentrader analyst Philip Swift said that the on-chain spent profit output ratio (SOPR) metric, which aggregates the price of purchase versus price sold during a given period, indicates that traders are selling their Bitcoin holdings for a loss.

Another metric that is worrying traders is the funding rates, which has further slipped into the negative territory following comments by the U.S. Federal Reserve. Crypto research firm Delph Digital expects Bitcoin to “make a lower low after recently testing the $34K level.”

Daily cryptocurrency market performance. Source: Coin360

Among several bearish projections, there was an uber bullish long-term forecast by Cathy Wood’s Ark Invest. The report projected Bitcoin’s price to cross $1 million by 2030 and Ether (ETH) to reach between $170,000 to $180,000 during the same period.

Could Bitcoin and most major altcoins bottom out near current levels? Let’s study the charts of the top-10 cryptocurrencies to find out.