Bitcoin (bitcoin) Rebounded sharply after falling to near realisation price $24,000 on May 12 shows that some bulls are against the herd and buying the dip. According to the on-chain analytics platform CryptoQuant, Exchange balances fall May 11 and May 12 surpassed 24,335 BTC, indicating that the bulls may have begun to hunt for the bottom.

However, macro investor Raoul Pal is not confident that a bottom has been reached. In an exclusive interview with Cointelegraph, Pal said, if there is a capitulation phase in the stock market, the crypto market could also plummet before a bottom is formed. He expects the current bear market phase to end when the Fed stops raising interest rates.

Daily cryptocurrency market performance. source: Coin 360

Bear markets are known for sharp rallies that are used to reduce long positions or initiate short positions. Prices eventually fell and made new lows. The bottom can only be confirmed after the fact. Therefore, during a bear market, investors may consider accumulating their holdings in stages rather than going all-in.

Right now, investors are wondering what significant overhead levels might act as headwinds. Let’s study the chart of the top 10 cryptocurrencies to find out.