Bitcoin
BTC$96 634.71

0.29%

Ethereum
ETH$3 673.09

-0.46%

XRP
XRP$2.44

30.97%

Tether
USDT$1.000863

0.05%

Solana
SOL$237.28

-0.15%

Binance Coin
BNB$651.22

0.24%

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 63.2% 72 $96 634.71 0.29% -1.35% $1 912 417 730 482 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 67.6% 59 $3 673.09 -0.46% 8.62% $442 395 054 352 ETH 7 days price change
3 XRP (XRP) XRP XRP predictions 59.2% 88 $2.44 30.97% 67.31% $139 187 109 901 XRP 7 days price change
4 Tether (USDT) USDT Tether predictions 92.8% 1 $1.000863 0.05% -0.01% $134 237 978 408 USDT 7 days price change
5 Solana (SOL) SOL Solana predictions 65.6% 74 $237.28 -0.15% -4.66% $112 744 399 529 SOL 7 days price change
6 Binance Coin (BNB) BNB Binance Coin predictions 80.8% 32 $651.22 0.24% -1.52% $93 781 415 601 BNB 7 days price change
7 Dogecoin (DOGE) DOGE Dogecoin predictions 55.6% 93 $0.438708 2.74% 3.28% $64 502 923 112 DOGE 7 days price change
8 Cardano (ADA) ADA Cardano predictions 58.8% 84 $1.14 8.73% 12.87% $40 135 349 293 ADA 7 days price change
9 USD Coin (USDC) USDC USD Coin predictions 93.2% 1 $1.000275 0.01% 0.03% $39 970 565 537 USDC 7 days price change
10 Avalanche (AVAX) AVAX Avalanche predictions 68% 69 $48.18 9.25% 14.68% $19 718 435 216 AVAX 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 54.4% 94 $0.000031 9.59% 24.58% $18 508 404 240 SHIB 7 days price change
12 TRON (TRX) TRX TRON predictions 60.8% 80 $0.210331 2.90% 0.51% $18 152 758 128 TRX 7 days price change
13 Toncoin (TON) TON Toncoin predictions 71.2% 62 $6.63 -1.21% 8.49% $16 885 845 049 TON 7 days price change
14 Stellar (XLM) XLM Stellar predictions 57.6% 89 $0.543990 8.12% 5.44% $16 360 538 089 XLM 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 62.4% 85 $9.13 4.08% -0.05% $13 925 984 896 DOT 7 days price change

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