The U.S. dollar index (DXY) turned down from its 20-year high on April 29 but that has not changed the bearish price action seen in Bitcoin 

BTC

$17,418

 and the U.S. equity markets. Equities remain under pressure and this week, Amazon stock saw its biggest intraday drop since 2014 after uncertainty over the U.S. Federal Reserve’s tightening measures placed investor sentiment back into choppy waters.

If Bitcoin extends its correction, on-chain analysis platform Whalemap believes that the $25,000 to $27,000 zone may be the best place “to go all-in” on Bitcoin.

Long-term investors do not appear to be panicking over the current weakness in Bitcoin and on-chain data from CryptoQuant shows that the combined BTC reserves of 21 crypto exchanges has plummeted to levels not seen since September 2018.

The HODL mentality is not limited to Bitcoin investors alone. A nonfungible token (NFT) survey report by CoinGecko showed that more than 50% of respondents said they have a HODL mentality because they believe NFTs could be important items in games. The report added that the Metaverse could become an $800 billion market in the next two years.

Could Bitcoin and altcoins decline further or is a reversal on the cards? Let’s study the charts of the top-10 cryptocurrencies to find out.