Bitcoin
BTC$28 487.09

0.01%

Ethereum
ETH$1 820.99

-0.18%

Tether
USDT$1.000239

0.01%

Binance Coin
BNB$314.97

-0.48%

USD Coin
USDC$0.999867

-0.01%

XRP
XRP$0.510598

-5.60%

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 59.2% 82 $28 487.09 0.01% 3.89% $550 783 645 841 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 70% 61 $1 820.99 -0.18% 5.05% $219 352 245 827 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000239 0.01% -0.05% $79 712 905 402 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 72% 56 $314.97 -0.48% -2.32% $49 729 339 998 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 93.6% 2 $0.999867 -0.01% 0.02% $32 523 102 126 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 61.2% 85 $0.510598 -5.60% 12.92% $26 386 760 233 XRP 7 days price change
7 HEX (HEX) HEX HEX predictions 63.6% 71 $0.080735 -10.29% -1.04% $14 000 412 504 HEX 7 days price change
8 Cardano (ADA) ADA Cardano predictions 75.2% 41 $0.394316 -2.49% 11.93% $13 699 582 029 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 82% 24 $0.081597 6.61% 10.72% $11 322 736 681 DOGE 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 94.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 84% 30 $1.11 -0.96% 3.56% $10 066 655 550 MATIC 7 days price change
12 Solana (SOL) SOL Solana predictions 81.2% 37 $21.07 0.33% 3.84% $8 124 049 462 SOL 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 90.8% 1 $0.999622 -0.02% 0% $7 554 331 620 BUSD 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 82.8% 27 $6.31 -0.28% 7.11% $7 392 861 993 DOT 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 87.6% 22 $0.066664 0.88% 5.86% $6 778 146 401 WTRX 7 days price change

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