Price analysis 5/13: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Bitcoin (BTC) rebounded sharply after dropping near its realized price of $24,000 on May 12, suggesting some bulls went against the herd and bought the dip. According to on-chain analytics platform CryptoQuant, the exchange balances declined by more than 24,335 Bitcoin on May 11 and May 12, indicating that bulls may have started bottom fishing.

However, macro investor Raoul Pal is not confident that a bottom has been made. In an exclusive interview with Cointelegraph, Pal said that if equity markets witness a capitulation phase, crypto markets are also likely to plunge before forming a bottom. He anticipates the current bear phase to end after the United States Federal Reserve stops hiking rates.

Daily cryptocurrency market performance. Source: Coin360

Bear markets are known for sharp relief rallies which are used to lighten up long positions or initiate short positions. The price eventually turns down and makes a new low. Bottoms are only confirmed in hindsight. Therefore, investors may consider accumulating in phases rather than going all-in during a bear market.

Right now, investors want to know what important overhead levels that may act as resistance. Let’s study the charts of the top-10 cryptocurrencies to find out.