May 7, 2021

A Crypto Investor

Just another Crypto Guys Blog

Top 5 cryptocurrencies to watch this week: BTC, UNI, LUNA, THETA, FIL

Bitcoin (BTC) has been facing stiff resistance near the $60,000 level for the past few days. This suggests that market participants are cautious at these levels and a positive trigger may be needed to drive the price higher and start the next leg of the uptrend.

One of the developments that could be bullish for Bitcoin is that Brazil followed in the footsteps of Canada and gave the green light for the launch of a Bitcoin exchange-traded fund. The ETF will be managed by QR Asset Management and is expected to start trading in Q2 2021.

The Bitcoin ETFs launched by various countries are likely to put pressure on the U.S. Securities and Exchange Commission to approve a Bitcoin ETF because if they do not do that, institutional investors may use the alternatives available in neighboring countries.

Crypto market data daily view. Source: Coin360

Although Bitcoin is showing some fragility near $60,000, Cointelegraph contributor Marcel Pechman analyzed derivatives data from various exchanges to show that top traders are still adding long positions near $57,000.

Bitcoin seems to be consolidating its recent gains before starting the next trending move. But there are several cryptocurrencies that are in an uptrend and may continue their march north. Let’s study the charts of top-5 cryptocurrencies that could remain bullish in the short term.