Bitcoin
BTC$26 626.63

1.00%

Ethereum
ETH$1 852.70

0.57%

Tether
USDT$1.000082

0%

Binance Coin
BNB$264.73

1.73%

USD Coin
USDC$1.000009

0.01%

XRP
XRP$0.527114

0.42%

Bitcoin completes consolidation in a triangle


18 Oct 2022

#Bitcoin

Bitcoin is up 1.4% in the past 24 hours, trading at $19,550 at the time of writing. U.S. stock indexes had stepped decisively higher the day before, and index futures are developing their gains by the start of European trading. A buoyant stock market backdrop supports appetite for crypto assets, but overall fluctuations remain unusually subdued.

Bitcoin is up 1.4% in the past 24 hours, trading at $19,550

Bitcoin's fluctuations since June fit into a triangle with a descending resistance line and horizontal support of $18.8K, and now the price moves at the right angle of the figure. Typically, this situation is resolved by a spike in volatility on the way out of the range. The confirmation of the break of the long-term consolidation should be looked for not earlier than the exit of the previous highs at $20.4K or the failure under $18K, with more probability of the second variant. However, we note that the downtrend in BTCUSD has lasted almost a year, taking away more than 70% of the peak price and becoming attractive for long-term buyers.

According to CoinShares, investments in crypto funds rose slightly last week after a slight outflow the week before. Fund inflows totalled $12 million. Bitcoin investments increased by $9 million, and Ethereum investments decreased by $4 million. Investments in funds that allow shorts on bitcoin increased by $7 million. Investors remain apathetic; flows over the past five weeks have not exceeded 0.05% of assets under management, CoinShares noted.

News background

Bitcoin has the potential to break the link to traditional risk assets. This could happen thanks to investors' realisation that most threats come from governments and fiat currencies, according to LookIntoBitcoin. Based on previous cycles of investor capitulation, the timing is now suitable for strategic BTC buying.

According to GlobalData's worldwide survey of asset managers, wealthy investors still want to invest in digital assets. And because cryptocurrencies only account for 1.4% of their portfolios, they are willing to take maximum risk.

French investment bank Société Générale has obtained permission from local regulators for its subsidiary to store, buy, sell, and exchange cryptocurrencies. According to a new Coincub report, in the third quarter of 2022 Germany became the most favourable country to run a crypto business, climbing to first place in the rankings with Switzerland, Australia, the UAE, followed by Singapore. The US slipped from first place to seventh because of unfavourable taxation policies and a lack of clarity on crypto regulation.


Related

Bitcoin looks set to take a severe dive
Bitcoin looks set to take a severe dive
Tips to Choose the Right Second Citizenship Program
Tips to Choose the Right Second Citizenship Program
Bitcoin set for a deeper correction
Bitcoin set for a deeper correction
Bitcoin falls under pressure
Bitcoin falls under pressure
Bitcoin sticks to bull trend on banks' woes
Bitcoin sticks to bull trend on banks' woes
Save 20% on your ECN fees: New offer from AMarkets
Save 20% on your ECN fees: New offer from AMarkets
What BlackRock is doing and why
What BlackRock is doing and why
Crypto seeks support
Crypto seeks support
Bitcoin price holding $27K could open buying opportunities in BNB, ADA, XMR and TON
Bitcoin price holding $27K could open buying opportunities in BNB, ADA, XMR and TON

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 93.2% 3 $26 626.63 1.00% -0.87% $516 464 609 849 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 92.8% 1 $1 852.70 0.57% -0.88% $222 751 849 771 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000082 0% -0.01% $83 308 309 639 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 91.6% 11 $264.73 1.73% -13.08% $41 259 245 686 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 95.6% 1 $1.000009 0.01% 0% $28 440 495 970 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 69.6% 56 $0.527114 0.42% 3.72% $27 403 076 118 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 90% 7 $0.324988 0.50% -11.23% $11 342 559 631 ADA 7 days price change
8 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
9 Dogecoin (DOGE) DOGE Dogecoin predictions 92.8% 8 $0.067988 0.78% -5.23% $9 497 028 333 DOGE 7 days price change
10 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 73.2% 51 $0.077603 0.68% 3.24% $7 890 342 183 WTRX 7 days price change
11 Solana (SOL) SOL Solana predictions 89.6% 16 $19.03 0.73% -8.01% $7 576 221 922 SOL 7 days price change
12 Polygon (MATIC) MATIC Polygon predictions 84.8% 16 $0.782857 1.43% -12.13% $7 272 328 244 MATIC 7 days price change
13 TRON (TRX) TRX TRON predictions 74.8% 49 $0.077825 1.34% 3.80% $7 015 200 066 TRX 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 78.4% 38 $88.60 -0.41% -6.51% $6 476 473 067 LTC 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 90.4% 6 $5.03 -0.02% -3.69% $5 997 807 752 DOT 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2023 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.