Written by 9:46 pm Bitcoin

5 altcoins that could turn bullish if Bitcoin price stabilizes

The major United States stock market indices continued their decline last week as worsening macroeconomic conditions increased concerns of a global recession. The Dow Jones Industrial Average closed at its lowest level in 2022 and major indices recorded their fifth weekly close in the past six weeks.

Although Bitcoin (BTC) has only declined marginally this week, it risks closing at the lowest level since 2020. While a new multi-year weekly close is a negative sign, sellers will have to sustain the lower levels or else it may turn out to be a bear trap. The price action of the next few days is likely to witness heightened volatility as both the bulls and the bears battle it out for supremacy.

Crypto market data daily view. Source: Coin360

Several investors miss opportunities to buy during sharp corrections because they try to catch the bottom. Traders should rather focus on the projects they like and accumulate the coins in a phased manner lasting a few weeks or months. All coins do not bottom at the same time, hence it is better to focus on individual cryptocurrencies that show strength.

While Bitcoin is nearing its yearly lows, certain altcoins are holding up well. Let’s look at the charts of five cryptocurrencies that look interesting in the near term.