Bitcoin’s 

BTC

$20,755

 failure to rise above the critical $40,000 to $42,000 resistance zone is keeping crypto traders on tenterhooks. Some analysts view the sharp rebound from $31,000 level as a sign of accumulation at lower levels while others believe the failure to cross above the overhead resistance indicates that Bitcoin is still not out of the woods yet.

JPMorgan’s cryptocurrency market analysts, led by global market strategist Nikolaos Panigirtzoglou, pointed out that after the recent fall, the Bitcoin futures market has shifted from contango to backwardation for the first time since 2018. The analysts believe this is a warning of a possible bear market, similar to the one seen in 2018.

While Bitcoin’s price remains subdued, one of the fundamental reasons to own Bitcoin received a shot in the arm when the U.S. inflation numbers rose to their highest levels since 2008. If inflation remains high, institutional investors may consider investing in Bitcoin to hedge their portfolios.

Related: Bitcoin traders eye ‘crucial’ $38K level as BTC price action consolidates higher

What are the levels that may suggest the downtrend could be over? Let’s analyze the charts of the top-10 cryptocurrencies to find out.