Bitcoin
BTC$16 850.61

2.23%

Ethereum
ETH$1 264.86

4.07%

Tether
USDT$0.999917

0.02%

Binance Coin
BNB$299.27

-1.26%

USD Coin
USDC$0.999988

-0.01%

Binance USD
BUSD$1.000272

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 61.2% 80 $16 850.61 2.23% 2.05% $323 880 775 090 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 65.2% 79 $1 264.86 4.07% 8.41% $154 786 411 293 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.4% 1 $0.999917 0.02% 0.08% $65 357 268 959 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 70% 67 $299.27 -1.26% 0.72% $47 873 891 086 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $0.999988 -0.01% -0.02% $43 305 846 022 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 92.4% 1 $1.000272 0.01% 0.02% $22 171 401 519 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 64.8% 66 $0.400157 1.69% 6.60% $20 123 918 447 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 60.8% 85 $0.105031 1.44% 29.90% $13 934 589 528 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 59.2% 81 $0.314538 1.02% 0.17% $10 833 319 810 ADA 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 93.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 62.4% 72 $0.868577 3.45% 1.53% $7 586 427 443 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 68.4% 67 $5.39 1.58% 0.44% $6 144 181 845 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 91.2% 1 $0.999740 0.01% -0.01% $5 653 688 069 DAI 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 62.8% 74 $78.05 1.92% -0.16% $5 598 468 272 LTC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 69.2% 66 $0.053816 0.24% 5.92% $5 471 826 904 WTRX 7 days price change

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