Bitcoin
BTC$64 182.15

-1.13%

Ethereum
ETH$3 505.45

-0.52%

Tether
USDT$0.999494

0.01%

Binance Coin
BNB$582.96

-0.74%

Solana
SOL$133.78

-0.17%

USD Coin
USDC$0.999976

-0.01%

Bitcoin: too early to buy


04 Jul 2022

#Bitcoin

Bitcoin is down 9.2% over the past week, finishing around $19,400 and trading near 19,000 on Monday morning. Ethereum has lost 13.3% in the last seven days, while other top altcoins in the top 10 have fallen from 8.6% (BNB) to 18% (Solana). According to CoinMarketCap, the total capitalisation of the crypto market fell 9% over the week to $865bn. Bitcoin's dominance index fell 0.3 points to 42.2%. The cryptocurrency fears index by Monday rose to 14 points. Bitcoin has been under even pressure for almost all last week. A brief bounce at the beginning of the day on July 1 was more likely due to emotional excitement from the start of a new period (month, quarter, half-year) rather than fundamental changes in the situation. This rebound protected BTCUSD from updating lows.

Nevertheless, the global picture remains bearish as stock markets show no glimpses of tightening financial conditions by central banks. On the weekly charts, BTCUSD remains below the 200-week average, having failed a timid attempt to climb higher last week. The RSI on the weekly charts remains oversold, which is a historical anomaly. Unfortunately for the bulls, this is not a sign of a better time to enter. Technically, a sustained return from extreme to norm would be a buy signal. The end of the second quarter of 2022 was the worst for bitcoin in 11 years.

Investor Michael Bury, who predicted the 2007 mortgage crisis, admits that the current market situation is only the middle of a bearish cycle for BTC and equities. Changpeng Zhao, chief executive of cryptocurrency exchange Binance, called the current collapse of the crypto market a good time to buy bitcoin for the long term. He said that if traders can hold out in the current bear market, their investments will multiply in the next bullish trend.

Bitcoin: too early to buy

According to IntoTheBlock, retail investors have stepped up after bitcoin fell below $20,000. This category of cryptocurrency holders has been the most aggressive in buying during the recent sell-off. El Salvador continues to buy bitcoins amid a falling market. This time, the country's government spent about $1.5 million to buy 80 BTC at an average price of $19,000. On the other hand, Bank of America reported that the bank's customers investing in cryptocurrencies has fallen by more than 50% since November last year.


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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 89.2% 17 $64 182.15 -1.13% -2.88% $1 265 359 919 551 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 86.4% 22 $3 505.45 -0.52% 0.66% $428 633 442 638 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.8% 1 $0.999494 0.01% 0% $112 834 265 370 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 82% 26 $582.96 -0.74% -3.28% $86 024 750 435 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 67.6% 62 $133.78 -0.17% -6.85% $61 805 194 613 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 94.8% 3 $0.999976 -0.01% 0% $32 724 892 956 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 82.8% 33 $0.488351 -0.34% 2.87% $27 161 181 606 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 66.4% 76 $0.123767 -1.06% -8.16% $17 922 433 211 DOGE 7 days price change
9 Toncoin (TON) TON Toncoin predictions 69.6% 59 $7.11 -0.63% -12.44% $17 487 238 347 TON 7 days price change
10 Cardano (ADA) ADA Cardano predictions 72.4% 61 $0.374540 -3.04% -8.57% $13 385 408 545 ADA 7 days price change
11 Avalanche (AVAX) AVAX Avalanche predictions 65.2% 73 $27.30 -1.57% -9.52% $10 749 125 174 AVAX 7 days price change
12 SHIBA INU (SHIB) SHIB SHIBA INU predictions 55.6% 94 $0.000018 -1.23% -10.84% $10 551 978 505 SHIB 7 days price change
13 TRON (TRX) TRX TRON predictions 92.8% 1 $0.118016 1.15% 1.39% $10 296 460 331 TRX 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 92.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 90.8% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change

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