BTC$23 417.82


ETH$1 661.88




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Bitcoin analysts fear new BTC price dip as funding rates drop post Fed

28 Jan 2022


Concerns over possible U.S. regulation add to nerves as market sentiment calls for losses, not gains, to form the next moves of Bitcoin. Bitcoin (BTC) created resistance at $37,500 on Friday amid an increasing consensus that a new dive was underway. Data from Cointelegraph Markets Pro and TradingView revealed $37,500 as the ceiling which capped price action overnight into Friday.

BTC/USD had recovered from a trip to local lows of $35,500 after comments from the United States Federal Reserve, but previous highs still eluded bulls. Now, with funding rates continuing into negative territory, it seemed that the market expected another investigation of the area closer to $30,000 support.

"Funding turned even more negative post FOMC as investors were spooked by Powell’s resolve to fight inflation," a report from crypto research firm Delph Digital summarized.  "All in all, it seems like the market is expecting Bitcoin to make a lower low after recently testing the $34K level."

While sustained low funding rates provide fuel for a "squeeze" of unsuspecting shorters, mixed emotions prevailed Friday amid news that the U.S. government was allegedly preparing an executive order on cryptocurrency. Upheaval on the regulatory front, which would come after a debate over the environmental impact of mining, also echoes the arduous journey of a Congressional Bill last year which saw fierce opposition over its treatment of crypto for tax purposes.

With short timeframes looking unappetizing, hopeful analysts turned to investor behavior for cues. Popular Twitter account Material Scientist, creator of on-chain analytics suite Material Indicators, noted increased sustained buying by one entity this week. As Cointelegraph reported, data also shows that hodlers remain broadly committed to their positions, in line with the mid-point of market cycles.

Bollinger adds "trial" Ethereum position

Altcoins continued to follow in step with Bitcoin, the 24 hours to Friday seeing limited moves either way. Ethereum (ETH), the largest altcoin by market cap, traded 1.1% up, as signs began to turn in its favor as an investment at current levels. For John Bollinger, creator of the well-known Bollinger Bands indicator, it was time to build an ETH position.

"I bought a little $ethusd, a trial position, last night, with a close stop--well close for crypto... I liked the pattern on the six hour and have been looking for an entry," he revealed on Twitter. "Not a high confidence trade and I am probably early, but toe is in and I am focused now."

Others were decidedly less enthusiastic about altcoins in general, however, amid a forecast that Bitcoin's market cap dominance could be due for a broader rebound, limiting their capabilities.



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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 64.4% 76 $23 417.82 -0.63% 1.15% $451 514 389 015 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 68% 64 $1 661.88 0.91% 3.64% $203 370 239 782 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.2% 1 $1.000131 0% 0% $68 037 505 087 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 78.4% 39 $332.92 1.94% 7.73% $52 567 670 570 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 96% 1 $0.999885 0% -0.03% $41 955 221 400 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 72.8% 51 $0.411251 0.08% -0.76% $20 891 185 117 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 90.8% 1 $1.000291 -0.02% 0.01% $16 277 011 211 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 63.6% 69 $0.402084 0.04% 1.59% $13 912 162 701 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 77.6% 48 $0.094571 3.60% 7.39% $12 546 748 098 DOGE 7 days price change
10 Polygon (MATIC) MATIC Polygon predictions 66.8% 64 $1.24 3.79% 7.12% $10 812 206 732 MATIC 7 days price change
11 Lido stETH (STETH) STETH Lido stETH predictions 93.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
12 Solana (SOL) SOL Solana predictions 60.8% 88 $24.65 1.35% -0.13% $9 182 943 497 SOL 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 66% 74 $6.99 6.42% 5.28% $8 061 412 510 DOT 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 64.4% 79 $0.000014 16.05% 20.58% $7 810 721 768 SHIB 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 78% 38 $100.55 0.67% 12.99% $7 259 641 157 LTC 7 days price change

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