Bitcoin
BTC$23 414.18

-0.57%

Ethereum
ETH$1 660.60

0.87%

Tether
USDT$1.000139

0%

Binance Coin
BNB$332.21

2.49%

USD Coin
USDC$0.999870

-0.01%

XRP
XRP$0.410035

0.05%

Bitcoin enters short-term correction


25 Jan 2023

#Bitcoin

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.


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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% 76 $23 414.18 -0.57% 1.32% $451 444 140 453 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 65.6% 64 $1 660.60 0.87% 3.91% $203 213 799 353 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000139 0% 0% $68 038 057 989 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 81.2% 39 $332.21 2.49% 7.92% $52 455 756 881 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 95.2% 1 $0.999870 -0.01% -0.02% $41 954 575 977 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 76.4% 51 $0.410035 0.05% -0.66% $20 829 395 994 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 92.4% 1 $1.000093 0.02% 0% $16 273 786 064 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 69.2% 69 $0.401700 0.32% 2.18% $13 898 855 921 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 74% 48 $0.093742 2.62% 6.67% $12 436 791 556 DOGE 7 days price change
10 Polygon (MATIC) MATIC Polygon predictions 68% 64 $1.23 4.02% 7.27% $10 780 259 861 MATIC 7 days price change
11 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
12 Solana (SOL) SOL Solana predictions 61.6% 88 $24.55 0.87% -0.41% $9 145 525 743 SOL 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 64% 74 $6.94 5.67% 5.23% $8 000 392 092 DOT 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 64% 79 $0.000014 14.51% 18.56% $7 679 941 030 SHIB 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 76.8% 38 $100.23 0.95% 13.08% $7 236 835 830 LTC 7 days price change

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