Bitcoin 

 and several altcoins are trading in a tight range during the weekend, suggesting that investors are undecided about the next directional move. Traders may be waiting for Wall Street to open before placing large directional bets because Bitcoin has been tightly correlated with the S&P 500 in the past few days.

 

The sharp fall in the United States equity markets on April 22 suggests that investors are increasingly nervous about the hawkish stance of central banks. The market expects a 250 basis points rate hike by the U.S. Federal Reserve in 2022. In addition, the European Central Bank is expected to raise rates for the first time since 2011, according to a Reuters source.

Crypto market data daily view. Source: Coin360

Coinglass data showed that funding rates across crypto derivatives exchanges remained negative during the weekend, signaling a bearish bias. The failure to sustain a recovery has pulled the Crypto Fear & Greed Index back into the “extreme fear” territory.

Could Bitcoin attract strong buying at lower levels? If that happens, select altcoins could outperform to the upside. Let’s study the charts of the top-5 cryptocurrencies that show a positive chart structure.