Bitcoin 

BTC

$21,436

 is attempting to stage a relief rally but analysts at JPMorgan Chase believe that the short-term setup looks challenging. However, the analysts also pointed out that the crypto markets had started a healing process.

A sign of this 'healing process' was seen when the crypto markets did not react negatively to the news that the United Kingdom’s Financial Conduct Authority banned Binance Markets Limited from undertaking “any regulated activity in the UK.”

When a market reacts negatively to bad news, it is a sign that weaker hands are panicking and dumping their positions. On the other hand, a muted reaction to negative news indicates that investors are not falling prey to FUD, which is a sign of strength.

The crypto sentiment may have received a boost due to the strong support for Bitcoin from Mexico’s third-richest man Ricardo Salinas Pliego. The billionaire tweeted that he recommended the use of Bitcoin and was also working with his bank to make it the first in Mexico to accept Bitcoin.

With the sentiment turning positive, can Bitcoin pull the crypto sector higher? Let’s study the charts of the top-10 cryptocurrencies to find out.