Bitcoin
BTC$17 056.16

0.07%

Ethereum
ETH$1 266.01

0.07%

Tether
USDT$1.000056

0%

Binance Coin
BNB$289.61

-0.09%

USD Coin
USDC$0.999940

0%

Binance USD
BUSD$0.999840

-0.08%

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.


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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 88.8% 17 $17 056.16 0.07% 1.02% $327 926 342 780 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 82.8% 28 $1 266.01 0.07% -0.48% $154 926 130 761 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94% 1 $1.000056 0% 0.04% $65 688 871 034 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 79.2% 44 $289.61 -0.09% -4.40% $46 329 397 846 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92.8% 1 $0.999940 0% -0.03% $43 027 424 874 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 93.6% 1 $0.999840 -0.08% -0.08% $22 096 550 218 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 79.6% 29 $0.390151 0.72% -4.37% $19 609 162 360 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 62% 73 $0.100195 -2.10% -6.70% $13 292 999 012 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 84% 31 $0.317932 -0.70% 0.55% $10 955 712 261 ADA 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 74% 51 $0.914223 -0.51% 5.69% $7 985 110 335 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 81.6% 37 $5.49 -0.29% 0.61% $6 279 301 547 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 92% 1 $0.999616 0.01% -0.11% $5 876 435 517 DAI 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 56.8% 87 $79.73 -1.37% 0.52% $5 722 443 949 LTC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 82% 30 $0.053484 0.50% -0.80% $5 438 067 310 WTRX 7 days price change

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