Bitcoin dips below $47K as US dollar surge dampens BTC price performance
It's not looking great for Bitcoin on short timeframes, and Ethereum is becoming an increasingly popular bet instead. Bitcoin (BTC) crisscrossed $47,000 on Jan. 3 as the first Wall Street trading days of 2022 got off to a modest start. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD acting in a narrow range as the week began, with traders split over short-term outcomes.
"It's just a matter of time before BTC breaks out, and the longer it takes, the harder it will pump," popular Twitter account Galaxy summarized. "Q1 is up only. You heard it here first."
Such optimism was far from universal, however. For Cointelegraph contributor Michaël van de Poppe, the time had come to look closer at altcoins than BTC.
"Good bounce from Ethereum and I think this one is bottomed," he said about the state of ETH/USD Monday. "Still need additional confirmation, but shows more strength than Bitcoin at this point. Ultimate confirmation above $4,100."
ETH/USD was up over 2% in 24 hours at the time of writing, with BTC/USD conversely showing no inclination to tackle even daily highs. On macro markets, the S&P 500 was up a touch at the Wall Street open, amid predictions that the first half of the year would be a further boon for equities across the board thanks to the prospect of key interest rate hikes. The U.S. dollar, meanwhile, saw a sudden boost on Jan. 3, with the U.S. dollar currency index (DXY) rapidly gaining — as is customary, to Bitcoin's detriment.
Never mind the bearish divergence
Among Bitcoin-focused analysts, meanwhile, TechDev led calls to quash bearishness, arguing that on-chain indicators do not support a bearish thesis. Concerns about both the relative strength index (RSI) and moving average convergence/divergence (MACD) pale in comparison to more fundamental indicators still yet to print a bearish outlook, he said at the weekend. With conviction remaining high and selling declining, TechDev was in good company.
"In case no-one noticed, we have come a long way from nerdy retail HODL'ers being the buyers of last resort," entrepreneur Alistair Milne added. "We now have billionaires, multinationals and countries waiting to buy the dips. Whoever is taking the other side of the trade needs their head examined IMO."
A fresh influx of institutional interest is considered by some to be ready to begin this month.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 83.6% | 20 | $101 701.81 | 1.69% | 2.07% | $2 013 246 996 833 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 69.2% | 63 | $3 915.40 | -0.05% | -2.15% | $471 597 924 366 |  |
|
| 3 |  XRP |
XRP predictions | 60.4% | 90 | $2.47 | 5.89% | 1.39% | $141 142 112 565 |  |
|
| 4 |  USDT |
Tether predictions | 91.2% | 1 | $1.000042 | -0.01% | -0.14% | $140 139 591 223 |  |
|
| 5 |  SOL |
Solana predictions | 77.6% | 34 | $225.66 | -0.24% | -4.29% | $108 098 878 749 |  |
|
| 6 |  BNB |
Binance Coin predictions | 72.4% | 60 | $728.99 | 2.96% | -1.69% | $104 980 392 576 |  |
|
| 7 |  DOGE |
Dogecoin predictions | 77.6% | 45 | $0.410083 | 0.70% | -5.78% | $60 360 933 009 |  |
|
| 8 |  USDC |
USD Coin predictions | 94% | 1 | $0.999956 | 0% | 0% | $41 989 588 944 |  |
|
| 9 |  ADA |
Cardano predictions | 62.8% | 74 | $1.11 | 0.75% | -8.74% | $38 938 221 420 |  |
|
| 10 |  TRX |
TRON predictions | 57.6% | 93 | $0.294798 | 1.75% | -10.07% | $25 424 946 533 |  |
|
| 11 |  AVAX |
Avalanche predictions | 68.8% | 65 | $52.49 | -1.10% | 0.78% | $21 502 759 836 |  |
|
| 12 |  LINK |
Chainlink predictions | 59.6% | 87 | $29.57 | 0.59% | 14.33% | $18 538 470 003 |  |
|
| 13 |  SHIB |
SHIBA INU predictions | 69.6% | 68 | $0.000029 | 2.81% | -6.07% | $16 940 665 280 |  |
|
| 14 |  TON |
Toncoin predictions | 69.2% | 69 | $6.31 | -0.68% | -7.62% | $16 085 252 236 |  |
|
| 15 |  DOT |
Polkadot predictions | 60.4% | 78 | $9.01 | -0.51% | -15.10% | $13 775 503 688 |  |
