BTC is attempting to form a bottom while LINK, HNT, FLOW and ONE are showing early signs of accumulation.

Bitcoin’s (BTC) relief rally rose above $38,500 on Jan. 29, but the bulls are struggling to sustain the higher levels. For the past few days, Bitcoin’s sentiment has closely followed the U.S. equity markets. Hence, analysts warned traders to be careful and not to read much into any possible weekend rallies when traditional markets are closed because it could be a trap.

However, analysts at trading suite Decentrader said in a recent report that a “near-term relief bounce” is possible. The report also highlighted that “meaningful buyers” were stepping in and that could result in “a potential change in the higher time frame trend from bearish to bullish.”

The recent downturn in Bitcoin seems to have turned the JPMorgan analysts bearish as they believe the increased volatility could “hinder further institutional adoption.” In a note, the strategists have reduced their long-term theoretical Bitcoin price target from $150,000 to $38,000.

If Bitcoin extends its recovery, select altcoins could attract buying from the aggressive bulls. Let’s study the charts of the top-5 cryptocurrencies that could extend the recovery in the short term.