Bitcoin 

BTC

$20,789

 is attempting to extend its recovery by rising above the psychological mark at $50,000, but several popular analysts believe that BTC could remain range-bound for a few weeks or even months.

On-chain analytics firm CryptoQuant said that Bitcoin “whales are still depositing BTC to exchanges.” This simply indicates that whales are setting themselves up to react at short notice depending on which path the price elects to take.

The sharp correction of the past few days has pulled the Crypto Fear and Greed Index to 16, which indicates a sentiment of “extreme fear.” Some believe the current fall looks similar to the March 2020 crash.

However, CoinCorner CEO Danny Scott said that Bitcoin’s fall was due to the liquidation of positions by gamblers and not because of sentiment. According to him, the sentiment is “still very bullish.”

After the most recent shakeout, could Bitcoin start a strong recovery and lead crypto markets higher? Let’s study the charts of the top 10 cryptocurrencies to find out.