Bitcoin (BTC) and select altcoins are showing signs of some buying near support levels. According to Arcane Research, the seven-day average real Bitcoin trading volume has dropped to the lowest level since July 2021. During the previous instance, the sharp drop in volume marked a bottom and led to a strong rally from August to October 2021.

However, Bloomberg Intelligence senior commodity strategist McGlone warned in a recent podcast that risk assets may correct as the United States Federal Reserve increases rates and reduces asset purchases.

After the corrective phase is over, McGlone expects Bitcoin to transition from a “risk-on to a risk-off asset” and “come out better off.”

In the short term, analysts at Decentrader, a crypto market intelligence firm, expect Bitcoin to stay range-bound between “$44,000 and potentially $38,000 before an eventual breakout.”

While analysts are divided on their forecasts for Bitcoin, let’s study the charts of the top-10 cryptocurrencies to find the path of least resistance.

The bears are attempting to pull Bitcoin toward the strong support at $39,600 but the long tail on the candlesticks of the past two days shows that bulls have other plans. The buyers are buying on dips but a minor negative is that they have not been able to push the price above the 20-day exponential moving average ($43,804).

Both moving averages are sloping down and the relative strength index (RSI) remains in the negative zone, indicating that bears have the upper hand. If the price turns down from the current level or the 20-day EMA, the bears will again attempt to sink the BTC/USDT pair to $39,600. This is a key level to keep an eye on in the short term.

If this level cracks, the bearish momentum could pick up as