Bitcoin 

 sold off along with the U.S. equity markets on Feb. 17 on reports that Russia expelled Bart Gorman, the second highest-ranking American official from the U.S. Embassy in Moscow and U.S. President Joe Biden cautioned that the threat of a Ukrainian invasion by Russia remains “very high.”

 

Although the near-term correlation between Bitcoin and the U.S. equity markets remains high, Pantera Capital CEO Dan Morehead said in a recent newsletter that the “markets will decouple soon.” Morehead mentioned that the U.S. Federal Reserve’s rate hikes will be negative for bonds, stocks and real estate and cryptocurrencies may be the “best place” to park capital.

Daily cryptocurrency market performance. Source: Coin360

While traders are fixated on the near-term price action, Jurrien Timmer, the director of Global Macro at Fidelity Investments, dismissed it as noise. Timmer highlighted the similarities in the growth of Bitcoin and Apple networks and concluded that Bitcoin could rally above $100,000 in the long term.

Bitcoin and several major altcoins are at a critical juncture. Could bulls hold the key support levels? Let’s analyze the charts of the top-10 cryptocurrencies to find out.