Bitcoin looks ready to rebound off a critical support level and if this happens select altcoins like BNB, LUNA, MANA and SAND may also attract buyers.
Bitcoin (BTC) and most major altcoins have been struggling to recover from the sharp fall seen on Nov. 26. This indicates that traders may be nervous to buy at current levels due to the uncertainty regarding the new heavily-mutated coronavirus strain detected in South Africa.
According to a CryptoCompare report, Bitcoin’s assets under management decreased 9.5% to $48.70 billion in November. On the other hand, the AUM of altcoin-based crypto funds increased 5.4% to $16.60 billion.
This indicates that traders may have booked profits in Bitcoin and rotated part of that money into altcoins.
Celsius founder and CEO Alex Mashinsky is unfazed by the recent decline and viewed the fall as a buying opportunity. He said on Nov. 28 that he had “bought almost $10m worth of Bitcoin and Ether at the current levels” as he anticipates Bitcoin to rally to $70,000. Mashinsky added that he would cut his latest purchases in half if Bitcoin breaks the support at $50,000.
If Bitcoin recovers from the current level, select altcoins may also attract investor attention. Let’s analyze the charts of the top-5 cryptocurrencies that may remain in focus in the next few days.