Bitcoin
BTC$51 463.74

-0.08%

Ethereum
ETH$2 989.26

1.88%

Tether
USDT$0.999712

0%

Binance Coin
BNB$384.63

2.71%

Solana
SOL$103.22

-1.10%

XRP
XRP$0.543335

-0.62%

Bitcoin looks set to take a severe dive


07 Jun 2023

#Bitcoin

The cryptocurrency market hit a sell-off on Monday night, losing 3.8% in the last 24 hours, down to a capitalisation of $1.091 trillion - near almost three-month lows. Bitcoin is losing 4% to 25.7 over this period; Ether is losing 3% to $1814, with top altcoins losing between 3.7% (Tron) and 7.9% (BNB). The sharp move down has pushed Bitcoin's price below its 200-week average ($26.3K).

And now all the attention of position traders is focused on whether the price returns to territory above that line before the end of the week. If not, we should be prepared for a big sell-off down to $22K. This is the main working scenario, given the series of lower highs and lower lows over the past two months.

An alternative and less likely scenario would be a reversal to the upside after a brief dip below the 200-week average. This dynamic could assert that big players are gaining on Bitcoin at this level, suggesting considerable upside potential. According to CoinShares, investments in cryptocurrencies fell by $62M last week, the 7th week of outflow. Bitcoin investments fell by $3m, as did Ethereum. Tron, a smart contracts platform, saw a $51m outflow over the week due to the closure of the offering by one of the providers.

News background

According to Bloomberg strategist Mike McGlone, Bitcoin won't be able to show significant growth in the summer months. He also doesn't rule out a substantial drawdown in the crypto market amid a halt to change and a stagnant equity market. According to The Block, bitcoin's 30-day average volatility on a year-over-year basis has fallen from the asset's characteristic average of 71% to 32%. The famous Meta and Amazon stocks have overtaken digital gold on this measure.

The US Securities and Exchange Commission (SEC) has sued cryptocurrency exchange Binance and its CEO Changpeng Zhao. The regulator brought 13 charges, including unregistered offers and sales of BNB and BUSD tokens, Simple Earn and BNB Vault products, and staking. JPMorgan will speed up interbank transactions in India using blockchain. The financial giant has agreed with five Indian banks to implement its blockchain-based Onyx settlement platform.


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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 59.2% 80 $51 463.74 -0.08% -0.45% $1 010 486 927 775 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 64.8% 75 $2 989.26 1.88% 6.23% $359 193 060 603 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.4% 1 $0.999712 0% -0.11% $97 813 617 538 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 69.2% 56 $384.63 2.71% 9.42% $57 518 447 438 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 70.4% 58 $103.22 -1.10% -7.77% $45 514 764 027 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 88% 20 $0.543335 -0.62% -3.23% $29 643 580 751 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 94% 1 $1.000012 0% 0% $27 982 661 127 USDC 7 days price change
8 Cardano (ADA) ADA Cardano predictions 66.4% 67 $0.591895 -0.24% -0.91% $20 991 256 654 ADA 7 days price change
9 Avalanche (AVAX) AVAX Avalanche predictions 69.2% 63 $37.09 -0.44% -10.20% $13 990 033 714 AVAX 7 days price change
10 TRON (TRX) TRX TRON predictions 68.8% 58 $0.139211 -0.12% 6.24% $12 253 548 158 TRX 7 days price change
11 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 70.4% 58 $0.139193 0.15% 6.30% $12 251 999 245 WTRX 7 days price change
12 Dogecoin (DOGE) DOGE Dogecoin predictions 86.4% 14 $0.084720 0.57% -0.18% $12 130 544 821 DOGE 7 days price change
13 Chainlink (LINK) LINK Chainlink predictions 64% 73 $18.29 -0.72% -7.57% $10 740 590 215 LINK 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 91.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 72% 49 $7.56 2.21% -2.16% $9 698 270 291 DOT 7 days price change

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