Bitcoin (BTC) and most major altcoins continue to witness a bloodbath on Jan. 21 and the result of the most recent downturn has been a $200 billion reduction in market capitalization. 

A new report by Huobi Research, in collaboration with Blockchain Association Singapore, forecast Bitcoin to enter a bear market in 2022. The liquidity tightening measures undertaken by the U.S. Federal Reserve and other central banks across the world and the regulatory action by authorities could play spoilsport and keep crypto prices under check.

Daily cryptocurrency market performance. Source: Coin360

The calls for a bear market have not shaken up the resolve of MicroStrategy CEO Michael Saylor who is determined to hold on to the company’s Bitcoin holdings. Saylor said in a recent interview with Bloomberg that the firm’s strategy is to acquire and hold Bitcoin and not sell.

Could Bitcoin and most major altcoins start a relief rally from their strong support levels? Let’s study the charts of the top 10 cryptocurrencies to find out.