The U.S. dollar index (DXY) has risen above the highs created in March 2020 and may next challenge the multi-year highs set in January 2017. Bitcoin’s 

BTC

$17,407

 price action is generally inversely connected to DXY. Therefore, unless the dollar reverses its sharp uptrend, a strong recovery in Bitcoin may be difficult.

Although Bitcoin has not confirmed a bottom, institutional investors seem to have started their purchases at lower levels. Canada’s Purpose Bitcoin exchange-traded fund added 1,132 BTC to its holdings, according to data analytics platform Coinglass. Behavior analytics resource Santiment also suggested that the crowd’s interest in buying the dip hit a six-week high.

The crypto sector has been under pressure in 2022 but that has not reduced venture-capital (VC) activity in different blockchain sectors. The first quarter of 2022 has witnessed VC investments of more than $14.6 billion in the blockchain industry, which is 48% of the total investments made by VCs in 2021. This shows the long-term growth potential of the industry.

Could Bitcoin and altcoins start a recovery from their respective support levels? Let’s study the charts of the top-10 cryptocurrencies to find out.