Price analysis 5/28: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, ICP, UNI, BCH

Earlier this week billionaire investor Carl Icahn’s told Bloomberg that he is considering entering crypto in a big way but this hardly made any difference to crypto prices. This is just another hint that the underlying sentiment is bearish and that crypto markets are not reacting positively to favorable news.

However, this does not mean that the bulls have stopped buying. While speaking to Cointelegraph, S2F Capital managing partner and chief investment officer Micah Spruill said that on-chain data shows Bitcoin whales, owning between 1,000 and 10,000 (BTC), and retail traders holding between 0.1 and 1 Bitcoin, are accumulating at lower levels.

Accumulation by large players near the lows is a positive sign as it indicates they are bullish for the long term.

Daily cryptocurrency market performance. Source: Coin360

While speaking at Consensus 2021, ARK Investments CEO Cathie Wood said that emerging market central banks may buy Bitcoin to protect their balance sheets “because they know their currencies are going down and that they will be under attack as reserves go down.”

Traders should keep a close watch on the fundamentals of Bitcoin and the crypto sector because that will drive long-term price action. In the short term, traders’ sentiment plays a major role in deciding the trend.

Let’s analyze the charts of the top-10 cryptocurrencies to determine whether crypto prices have bottomed out or not.