Bitcoin (BTC) and Ether (ETH) are testing psychologically important support levels at $60,000 and $4,000 respectively. Both these levels are critical to keeping the uptrend intact in the short term.

While the fall may scare off leveraged traders, Bitcoin whales seem to be viewing this dip as a buying opportunity. On-chain data shows that the third-largest Bitcoin whale added 207 Bitcoin to the holdings at an average price of about $62,053 per Bitcoin.

After the latest purchase, the whale’s holding has increased by 635 Bitcoin in November, according to journalist Colin Wu.

Daily cryptocurrency market performance. Source: Coin360

However, it is not all bullish news for Bitcoin and cryptocurrencies. The U.S. dollar has risen to a sixteen-month high on expectations that soaring inflation may force the United States Federal Reserve to raise rates and accelerate the tapering of its $120 billion a month asset purchase program.

LMAX Group currency strategist Joel Kruger also said that a strengthening dollar may hit risky assets the hardest and that could be the reason for the recent pullback in Bitcoin and altcoins.

Will bulls defend the strong support levels and stage a recovery or will aggressive selling pull crypto prices below their strong support levels? Let’s study the charts of the top 10 cryptocurrencies to find out.