Bitcoin enters short-term correction
Despite positive developments in US stock indices, Bitcoin continued its unsuccessful attempts to consolidate above $23,000 on Wednesday. The crypto market has, at least, paused after rallying since the beginning of the year. Total capitalisation is down 2.9% over the last 24 hours but remains just above $1 trillion. Among the top altcoins, Ethereum loses 4.9%, while the rest are down between 2.9% (Litecoin) and 6% (Solana).
In Bitcoin, today's lows at $22.3K are part of a typical correction from the momentum of last week's lows. A break below $ 22.2K suggests a deeper correction to the $20.5-21.0K area.
News Background
According to Katie Wood, CEO of Ark Invest, the cryptocurrency market will enter a new phase in 2023. The mindset of long-term investors will determine whether the current wave of bitcoin growth is a bull trap or a strategic buying opportunity, Glassnode believes. For the first cryptocurrency to continue its rally, it will need to overcome a key resistance level at $25,000, according to cryptocurrency firm B2C2. Once this milestone is passed, there will be renewed interest from "outsiders" looking to get back into the market.
Bernstein said that the rally is unlikely to continue as there are no signs of "new injections" of funds into the crypto market.
European Parliament lawmakers voted that Banks holding cryptocurrencies in the EU will have to comply with stricter capital requirements for digital assets.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 73.6% | 54 | $68 091.41 | 1.76% | 2.15% | $1 343 559 243 217 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 73.2% | 47 | $3 274.95 | 0.81% | -6.29% | $393 742 213 742 |  |
|
| 3 |  USDT |
Tether predictions | 94.4% | 1 | $1.000138 | 0.02% | -0.06% | $114 344 930 068 |  |
|
| 4 |  SOL |
Solana predictions | 66.8% | 71 | $185.93 | 5.05% | 10.16% | $86 382 716 109 |  |
|
| 5 |  BNB |
Binance Coin predictions | 78% | 42 | $587.44 | 1.39% | -0.59% | $85 723 528 184 |  |
|
| 6 |  USDC |
USD Coin predictions | 93.2% | 1 | $1.000061 | 0.01% | -0.01% | $34 145 088 761 |  |
|
| 7 |  XRP |
XRP predictions | 57.2% | 86 | $0.601352 | 0.30% | 0.77% | $33 652 179 071 |  |
|
| 8 |  DOGE |
Dogecoin predictions | 74% | 55 | $0.134387 | 4.09% | 5.20% | $19 524 372 915 |  |
|
| 9 |  TON |
Toncoin predictions | 81.2% | 29 | $6.73 | -0.34% | -8.35% | $16 927 583 845 |  |
|
| 10 |  ADA |
Cardano predictions | 76.4% | 49 | $0.417339 | 1.07% | -5.08% | $14 984 023 214 |  |
|
| 11 |  TRX |
TRON predictions | 85.6% | 18 | $0.137005 | 0.38% | 1.68% | $11 927 847 941 |  |
|
| 12 |  AVAX |
Avalanche predictions | 75.2% | 40 | $28.73 | 2.42% | 1.84% | $11 344 303 095 |  |
|
| 13 |  STETH |
Lido stETH predictions | 96% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 14 |  WTRX |
Wrapped TRON predictions | 90.8% | 1 | $0.116354 | -0.46% | 0.23% | $10 171 995 609 |  |
|
| 15 |  SHIB |
SHIBA INU predictions | 82% | 29 | $0.000017 | 2.95% | -3.71% | $10 168 691 230 |  |
