Bitcoin’s (BTC) massive bloodbath on May 19 resulted in panic selling across the board. Several major altcoins nosedived between 25% to 50% during the day. The extent of the fall shows that many large traders may have dumped their positions and leverage traders may have been roasted.

In a report to its clients on Tuesday, JPMorgan Chase analysts pointed out that institutional investors were abandoning Bitcoin in favor of gold. Considering the volatility ratio of Bitcoin to gold, JP Morgan believes Bitcoin’s current fair value is $35,000.

The massive fall today is likely to scare several institutional investors and delay their entry into the space. Although there will be periodic rebounds and sharp bear rallies, the next bull run may not start in a hurry.

Galaxy Digital founder Mike Novogratz also told CNBC that the decline feels like capitulation and this breakdown may not be fixed quickly.

After the sharp decline and the subsequent rebound, let’s analyze the charts of the top-10 cryptocurrencies to determine the support and resistance levels.