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

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Bitcoin (BTC) and select altcoins are showing signs of some buying near support levels. According to Arcane Research, the seven-day average real Bitcoin trading volume has dropped to the lowest level since July 2021. During the previous instance, the sharp drop in volume marked a bottom and led to a strong rally from August to October 2021.

However, Bloomberg Intelligence senior commodity strategist McGlone warned in a recent podcast that risk assets may correct as the United States Federal Reserve increases rates and reduces asset purchases.

After the corrective phase is over, McGlone expects Bitcoin to transition from a “risk-on to a risk-off asset” and “come out better off.”

Daily cryptocurrency market performance. Source: Coin360

In the short term, analysts at Decentrader, a crypto market intelligence firm, expect Bitcoin to stay range-bound between “$44,000 and potentially $38,000 before an eventual breakout.”

While analysts are divided on their forecasts for Bitcoin, let’s study the charts of the top-10 cryptocurrencies to find the path of least resistance.