Bitcoin price staged a mild resurgence at the start of this week but data from Glassnode suggests that its new

BTC

$21,430

investors who came late to the party and are dumping their positions in a panic.

This transfer of crypto assets from speculators or momentum chasers to long-term investors is a positive sign. This lays the groundwork for the start of the next bull run but it may not happen in a hurry.

At the moment, institutions are unlikely to buy aggressively and propel the price of Bitcoin higher because there is still a chance that they can accumulate at lower levels. Therefore, the range-bound action may continue for a few more days.

According to Forbes, New York Digital Investment Group’s (NYDIG) partnership with enterprise payment company NCR may empower 650 banks and credit unions in the U.S. to offer Bitcoin trading services to more than 24 million customers. This move is likely to attract several new investors to crypto, which is a long-term positive.

Will Bitcoin and altcoins witness selling pressure and break below their recent lows or will buyers propel the price above the local highs? Let’s study the charts of the top-10 cryptocurrencies to find out.