Bitcoin
BTC$24 144.59

4.81%

Ethereum
ETH$1 782.89

5.48%

Tether
USDT$1.000147

0%

USD Coin
USDC$0.999830

0%

Binance Coin
BNB$330.09

4.75%

XRP
XRP$0.382895

2.83%

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 75.6% 41 $24 144.59 4.81% 3.87% $461 543 407 981 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 65.6% 74 $1 782.89 5.48% 6.95% $217 296 985 720 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000147 0% -0.01% $66 486 278 111 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $0.999830 0% -0.01% $54 200 367 960 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 72.4% 61 $330.09 4.75% 15.36% $53 255 098 429 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 79.6% 40 $0.382895 2.83% 1.31% $18 510 341 096 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 74.8% 52 $0.546286 5.64% 6.69% $18 431 164 380 ADA 7 days price change
8 Binance USD (BUSD) BUSD Binance USD predictions 95.2% 1 $1.000391 0.04% -0.02% $17 884 912 619 BUSD 7 days price change
9 Solana (SOL) SOL Solana predictions 74.8% 44 $43.33 8.04% 2.70% $15 091 398 958 SOL 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 69.2% 58 $9.33 9.56% 10.00% $10 306 573 155 DOT 7 days price change
11 Lido stETH (STETH) STETH Lido stETH predictions 92.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
12 Dogecoin (DOGE) DOGE Dogecoin predictions 84% 27 $0.071001 3.12% 3.59% $9 419 793 480 DOGE 7 days price change
13 HEX (HEX) HEX HEX predictions 70% 62 $0.054298 8.25% 10.52% $9 415 859 203 HEX 7 days price change
14 Avalanche (AVAX) AVAX Avalanche predictions 69.2% 69 $29.69 12.41% 26.57% $8 446 616 605 AVAX 7 days price change
15 Polygon (MATIC) MATIC Polygon predictions 64% 77 $0.946739 4.21% 4.32% $7 606 860 763 MATIC 7 days price change

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