After Bitcoin’s (BTC) capitulation on May 19 and the pullback on May 20, the next big question on everyone's mind is whether the correction is over or will the downtrend resume. Let’s study the supply and demand picture to gain more insight.

Chainalysis chief economist Philip Gradwell pointed out that whales who had purchased more than 1,000 Bitcoin after 2017 added 34,000 Bitcoin to their holdings on May 18 and 19. This suggests the whales bought during the crypto meltdown.

Additional on-chain data also suggests that the huge spike in over-the-counter Bitcoin outflow is a signal of accumulation by institutions or high net worth individuals.

Although institutional investors may be buying, Ethereum founder Vitalik Buterin said in an interview with CNN on May 18 that the crypto sector was in a bubble. Being non-committal, Buterin said that the bubble may have already burst or could do so after a few months.

Guggenheim CIO Scott Minerd who till recently was projecting a $600,000 target on Bitcoin, did a ‘U turn’ on his opinion and termed crypto as “Tulipmania.” This shows how some newer crypto investors flip their views on every minor dip.

The market participants seem to be divided on the next possible move. Let’s analyze the charts of the top-10 cryptocurrencies to determine the path of least resistance.