These five cryptocurrencies to observe this week: BTC, MATIC, THETA, CRO, LEO

MATIC, THETA, CRO and LEO may push higher in the week if Bitcoin worth holds higher than the $30,000 level.

Bitcoin (BTC) bulls have with success defended the $30,000 level within the past few days however the failure to realize a robust rebound has some traders disquieted that the value can eventually dip to new lows.

In a series of tweets, Econometrics stated that this correction “looks very similar to 2013” once Bitcoin took 197 days to rise to a replacement incomparable high and a bottom formed after a 69% correction from the incomparable high.

If history repeats itself, then traders may have to hold back as a result of this correction has solely been live for 95 days. At $30,000, Bitcoin has simply decreased  54%  from its incomparable high, and a 69%  correction may sink it right down to $20,000.

In a new report, Urban  Digital highlighted that mercantilism activity had folded with spot exchange volumes having fallen over 60%  from the highs in May. The derivatives market has conjointly seen an exodus of leverage traders and also the Bitcoin futures open interest is back to the first 2021 levels.

Delphi Digital considers this an optimistic sign as they believe that “stronger-handed participants are those primarily causative to current open interest levels.”

Let’s study the charts of the top-5 cryptocurrencies which will outmatch within the short term.