The U.S. Federal Reserve updated their inflation expectations for this year from 2.4% in March to 3.4% in their latest meeting that concluded on June 16. To tame inflation, the Fed plans to undertake two rate hikes before the end of 2023.

This news has boosted the U.S. dollar index DXY to its best level since mid-April. Gold’s price, which generally has an inverse correlation with the dollar, has dropped to a 6-week low.

The U.S. equity markets have also not been spared. The Dow Jones Industrial Average index is on track for its worst weekly performance since January this year. This shows the short-term sentiment has turned bearish and traders are closing their positions to hoard cash.

This has also put brakes on Bitcoin’s 

BTC

$20,723

 recovery. However, Pantera Capital chief executive Dan Morehead said in the monthly newsletter published on June 14 that Bitcoin has been “this “cheap” relative to its trend 20.3% of the past 11 years.”

Related: Joining the ranks: Bitcoin’s correlation with gold and stocks is growing

Santiment data shows that Bitcoin whales, holding between 100 and 10,000 Bitcoin, have been on a buying spree, lapping up about 90,000 Bitcoin in the past 25 days. They now hold about 48.7% of Bitcoin’s supply.

Can the buying from the whales arrest the decline in Bitcoin and will the buying in altcoins resume? Let’s study the charts of the top-10 cryptocurrencies to find out.