Breakout of TON, TWT, CHZ and QNT amid fears of crypto contagion from traders

Bitcoin price is stuck in a tight range, but TON, CHZ, QNT, and TWT bid last week. Price analysis

FTX's collapse continues to fuel fears of contagion in the cryptocurrency space as investors wait to hear from companies likely to weather the heat. One of the big names to enter the circle of suspicion is the Grayscale Bitcoin Trust (GBTC), which has seen its rebate in the price of Bitcoin (BTC) hit record highs of around 50%.

Traders hate uncertainty and are hesitant to invest during these times. This could be one of the reasons for the lack of interest in Bitcoin, even after its price dropped sharply. The Stock-to-Flow (S2F) model, which had skyrocketed in popularity during the bull run, is coming under increasing criticism after the gap between Bitcoin's price and its projected price reached levels never seen before. .

Does this suggest that pessimism has reached an extreme or is the S2F model simply flawed?

Daily View Crypto Market Data . Source: Coin360

During a bearish phase, the general trend is down, but there are still pockets of strength that can provide trading opportunities for traders. long-only investors. However, rallies during bear markets are short-lived, so traders may consider booking profits near high resistance levels.

Let's look at the charts of five cryptocurrencies that could attempt a short-term recovery.

BTC/USDT

Bitcoin continues to trade in a tight range between $16,229 and $17,190. Typically periods of tight consolidation are followed by increased volatility.

BTC/USDT daily chart. Source: TradingView

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