Bitcoin (BTC) plunged below $40,000 on March 4 and has been trading below the level throughout the weekend.

Although the crypto price action has been volatile in the past few days, Glassnode data shows that institutional investors have been gradually accumulating Bitcoin through the Grayscale Bitcoin Trust (GBTC) shares since December 2021.

Another positive sign has been that fund managers have not panicked and dumped their holdings in GBTC. This suggests that managers possibly are bullish in the long term, hence they are riding out the short term pain.

Crypto market data daily view. Source: Coin360

Bloomberg Intelligence said in their crypto market outlook report on March 4 that Bitcoin may remain under pressure if the U.S. stock markets keep falling, but eventually, they expect crypto to come out ahead. On the other hand, if the stock market recovers, then Bitcoin could “rise at a greater velocity” if past patterns repeat.

Although crypto markets are facing strong headwinds, select altcoins are showing signs of life. Let’s study the charts of the top-5 cryptocurrencies that could benefit from a rebound in Bitcoin.