Bitcoin (BTC) has staged a smart recovery in the past few days and the interest in the crypto sector seems to be picking up. JPMorgan Chase has added access to a new Bitcoin fund created by New York Digital Investment Group (NYDIG) for its private banking clients. 

The increasing number of traditional financial institutions opening up crypto trading opportunities for their clients shows there is strong demand for the sector.

On-chain analyst Willy Woo said recently that strong holders had been scoping up Bitcoin and locking “them away for long-term investment”, resulting in a supply squeeze. Woo added that he had “not seen a supply shock opportunity like this since Q4 2020 when BTC was priced at $10,000 only to be repriced at $60,000 in the months thereafter.”

Daily cryptocurrency market performance. Source: Coin360

Billionaire hedge fund manager Ray Dalio said on CNBC that Bitcoin was “something like a digital gold” and an important asset to use for diversifying the portfolio. However, Dalio seemed to be more inclined towards gold if there was a need to choose only one asset among the two.

Andreessen Horowitz co-founder Marc Andreessen painted a more bullish view on Bitcoin calling it “one of the most amazing things I’ve ever seen” and a “fundamental technological breakthrough.”

With a pickup in demand, will Bitcoin and altcoins start a stronger rally? Let’s study the charts of the top-10 cryptocurrencies to find out.