In a downtrend, when markets do not respond negatively to bearish news, it is a sign that the selling may have reached exhaustion. Reports of electric vehicle maker Tesla dumping 75% of its Bitcoin (BTC) holdings in the second quarter only caused a minor blip as lower levels attracted strong buying from the bulls.

Tesla was not the only institution that sold its Bitcoin. Arcane Research analyst Vetle Lunde highlighted in a Twitter thread that large institutions have sold 236,237 BTC since May 10.

It is encouraging to note that even after huge selling by institutions and the unfavorable macro environment, Bitcoin has held up quite well.

Daily cryptocurrency market performance. Source: Coin360

The current bear market allows an opportunity for new traders to enter at lower levels. A report published by Boston Consulting Group, Bitget and Foresight Ventures shows that only 0.3% of individual wealth is parked in crypto compared to 25% in equities. This shows that crypto is still in the early stages of adoption compared to legacy markets.

Could Bitcoin and major altcoins extend their recovery over the short term? Let’s study the charts of the top-10 cryptocurrencies to find out.