Bitcoin 

BTC

$17,418

 continues to trade below $40,000 as bears try to flip the level into resistance. The soaring U.S. dollar index (DXY), which is usually inversely related to Bitcoin, favors the sellers. However, it is not all gloom and doom because the Bitcoin bulls seem to be taking clues from the Nasdaq (NDX), which has been hovering close to positive territory.

Although risky assets have been on the receiving end for the past few days, Bitcoin hodlers are focusing on the long-term bullish projections and ignoring the short-term weakness. Glassnode data shows that Bitcoin's supply that has not moved for at least a year has hit above “64% for the first time ever.”

While speaking to Bloomberg, SkyBridge Capital founder Anthony Scaramucci said that the firm is bullish on cryptocurrency markets “over the three to five years.” The hedge fund now plans to reposition itself by allocating a majority of its assets under management to digital assets and become the “leading cryptocurrency asset manager and adviser:”

Could a further decline in Bitcoin and altcoins attract buying from long-term investors? What are the key levels to keep an eye on? Let’s study the charts of the top-10 cryptocurrencies to find out.