Bitcoin 

BTC

$21,234

 and most major altcoins are attempting to break above their respective overhead resistance levels, indicating the return of the bulls.

Data from Bybt shows that the Grayscale premium has been climbing and reached -5.88% on July 27, its closest level to zero since May 25. This suggests that institutional investors may have again started building positions via the Grayscale Bitcoin Trust.

Another institutional investment product showing a possible return of buyers is Canada’s Purpose Bitcoin ETF whose assets under management rose to 1.1 billion Canadian dollars on July 27, its highest level since May 13.

Swiss private bank Vontobel said in its half-year financial report that its Bitcoin tracker certificate investment product had generated significant interest from clients. Vontobel CEO Zeno Staub said to Bloomberg that its wealthy clients have allocated a part of their wealth to cryptocurrencies.

Horizon Kinetics co-founder Peter Doyle also told the Financial Times that the world economy is at an inflection point because of the pandemic and mounting debt. This “means either default or currency debasement.” Therefore, Doyle said people should have exposure to cryptocurrencies.

With institutional interest returning to Bitcoin, could the rally continue or will bears again stall the recovery near overhead resistance levels? Let’s study the charts of the top-10 cryptocurrencies to find out.