Bitcoin sticks to bull trend on banks' woes
Over the past 24 hours, the crypto market capitalisation rose 1.4% to $1.18 trillion. On Tuesday, Bitcoin recovered to $28.6K, over half of the previous day’s decline. Cryptocurrencies and gold gained momentum on the re-emerging woes of regional banks. This time it was PacWest Bancorp, Western Alliance and Metropolitan. However, we also note that the price stabilised before this news, suggesting that the selling momentum has subsided.
Bitcoin has steadily moved back above its 50-day moving average, proving that the break below was false. The upcoming Fed rate decision promises to increase volatility later in the day. A consolidation above $29.3K (the start of the sell-off) or a break below $28.2K (the 50-day moving average) could signal that the market has decided on a direction for the next few days or weeks.
News Background
According to CoinShares, investments in crypto funds fell by $72 million last week, continuing outflows for the second week. Bitcoin investments decreased by $46 million and Ethereum by $19 million (the largest outflow since September 2022). Bitcoin transaction volume reached an all-time high established in December 2017 amid a surge in activity related to the Ordinals project, enabling the NFTs issuance on the BTC blockchain.
The main factor behind the suspension of the Bitcoin rally was the sell orders of “new investors” near $30K, Glassnode noted. Unconfirmed rumours of sales by Mt. Gox customers, the US government, and the revival of “old” BTC only added to the volatility.
MicroStrategy posted a net profit of $461.2 million for the first quarter. The company increased its position in digital gold from 7,500 BTC to 140,000 BTC. “The conviction in our bitcoin strategy remains strong,” the press release said.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 84% | 20 | $69 517.24 | 5.09% | 10.22% | $1 369 562 768 035 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 87.2% | 21 | $3 500.86 | 13.88% | 18.57% | $420 546 126 427 |  |
|
| 3 |  USDT |
Tether predictions | 92% | 1 | $1.000418 | 0.04% | 0.05% | $111 481 477 832 |  |
|
| 4 |  BNB |
Binance Coin predictions | 91.2% | 5 | $589.44 | 2.64% | -0.94% | $86 993 487 970 |  |
|
| 5 |  SOL |
Solana predictions | 80% | 42 | $184.55 | 8.34% | 23.71% | $82 859 861 721 |  |
|
| 6 |  USDC |
USD Coin predictions | 93.2% | 1 | $0.999976 | -0.01% | 0% | $33 280 838 250 |  |
|
| 7 |  XRP |
XRP predictions | 93.2% | 8 | $0.532112 | 4.39% | 4.88% | $29 419 934 304 |  |
|
| 8 |  TON |
Toncoin predictions | 64.4% | 67 | $6.59 | 4.27% | -7.75% | $22 910 655 997 |  |
|
| 9 |  DOGE |
Dogecoin predictions | 78% | 33 | $0.158194 | 6.09% | 5.15% | $22 838 742 690 |  |
|
| 10 |  ADA |
Cardano predictions | 84% | 28 | $0.489357 | 4.09% | 10.94% | $17 460 324 023 |  |
|
| 11 |  AVAX |
Avalanche predictions | 76.4% | 41 | $38.51 | 7.14% | 17.17% | $14 747 080 720 |  |
|
| 12 |  SHIB |
SHIBA INU predictions | 74.8% | 44 | $0.000025 | 4.66% | 6.35% | $14 745 724 733 |  |
|
| 13 |  WBTC |
Wrapped Bitcoin predictions | 86.4% | 20 | $69 726.38 | 5.31% | 10.68% | $10 842 211 979 |  |
|
| 14 |  WTRX |
Wrapped TRON predictions | 87.2% | 17 | $0.122987 | 1.66% | -2.58% | $10 753 428 013 |  |
|
| 15 |  TRX |
TRON predictions | 84.4% | 21 | $0.122938 | 1.28% | -2.55% | $10 749 119 227 |  |
