Bitcoin (BTC) and most major altcoins are struggling to find a bottom, indicating that traders are dumping their positions out of fear. The big question on everyone’s mind is whether the selling is over or could the decline continue?

UTXO Management senior analyst Dylan LeClair highlighted that the network cost basis, the average price at which Bitcoin was last moved by various investors, is $24,000 and historically, the ratio of cost basis to price has bottomed out below 1.0.

If history were to repeat itself, Bitcoin may have to fall some more to make it an attractive buy according to the metric.

Long-term investors don’t seem to be perturbed by the recent correction in Bitcoin. Glassnode data suggests that investors continue to withdraw their coins to cold storage.

“Bitcoin illiquid supply is going up relentlessly,” said Lex Moskovski, chief investment officer of Moskovski Capital.

Bitcoin and most major altcoins are nearing strong support levels. Could investors use their opportunity to buy or will the bears prevail? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin has been trading below the $39,600 to $37,332.70 zone for the past two days. The buyers attempted a relief rally on Jan. 23 but could not even challenge the overhead resistance at $37,332.70. This indicates weak demand at higher levels.

The selling renewed today and the bears pulled the BTC/USDT pair below the Jan. 22 intraday low at $34,008. The next support on the downside is the critical zone between $30,000 and $28,805.

The oversold level on the relative strength index (RSI) suggests that the selling may be overdone in the short term. This could attract buying from traders near the support zone. If the price rebounds off this zone,