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The bulls are attempting to stabilise the Bitcoin price, and if they are successful, VET, SOL, EOS, and FTT could easily return to their local highs.
On April 18, the price of Bitcoin (BTC) fell sharply to $50,900, which some observers attribute to a decrease in hash rate and speculation of potential intervention by US regulators against unidentified “financial institutions” claiming crypto-related money laundering.
Although it is impossible to determine a particular cause, the selling of about $5 billion in COIN supply by Coinbase executives may have also played a significant role in the fall. Insider selling, especially within a few days of a high-profile listing, is regarded as a bearish warning.
Following the most recent pullback, investors will be unsure whether to buy the dips or close their positions in expectation of further loss. Traders should keep an eye on the pace of the rebound because it will offer guidance into the next potential steps.
Let’s look at the technicals of the top five cryptocurrencies that could try to drive the recovery in the coming days.