Bitcoin
BTC$56 268.54

9.76%

Ethereum
ETH$3 221.29

4.16%

Tether
USDT$1.000545

0.05%

Binance Coin
BNB$397.98

2.31%

Solana
SOL$111.02

7.09%

XRP
XRP$0.554224

2.86%

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.


Related

NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
Tips to Choose the Right Second Citizenship Program
Tips to Choose the Right Second Citizenship Program
Bitcoin’s continued slide down
Bitcoin’s continued slide down
A new round of crypto market mistrust
A new round of crypto market mistrust
Bitcoin holds its range, but pressure mounts
Bitcoin holds its range, but pressure mounts
Bitcoin unlikely to end correction
Bitcoin unlikely to end correction
Bitcoin looks set to take a severe dive
Bitcoin looks set to take a severe dive
Bitcoin set for a deeper correction
Bitcoin set for a deeper correction
Bitcoin falls under pressure
Bitcoin falls under pressure

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 60.4% 79 $56 268.54 9.76% 8.70% $1 105 056 355 581 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 59.6% 81 $3 221.29 4.16% 10.49% $387 050 238 819 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.4% 1 $1.000545 0.05% 0.12% $98 117 032 200 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 64% 69 $397.98 2.31% 11.72% $59 515 671 450 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 75.6% 44 $111.02 7.09% 1.69% $49 106 979 986 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 84% 22 $0.554224 2.86% -1.61% $30 257 460 569 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 92.8% 1 $1.000039 0.01% 0.02% $28 537 011 026 USDC 7 days price change
8 Cardano (ADA) ADA Cardano predictions 68.8% 67 $0.619217 6.09% -0.60% $21 964 701 688 ADA 7 days price change
9 Avalanche (AVAX) AVAX Avalanche predictions 76% 51 $39.26 6.42% 0.65% $14 808 155 201 AVAX 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 89.2% 17 $0.092309 7.81% 6.43% $13 222 641 504 DOGE 7 days price change
11 TRON (TRX) TRX TRON predictions 71.6% 61 $0.140867 2.15% 2.73% $12 396 268 852 TRX 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 70.4% 61 $0.140599 2.12% 2.89% $12 372 755 252 WTRX 7 days price change
13 Chainlink (LINK) LINK Chainlink predictions 72.8% 46 $19.04 3.04% -2.39% $11 175 771 568 LINK 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 74.4% 52 $8.10 4.73% 4.17% $10 398 739 367 DOT 7 days price change
15 Lido stETH (STETH) STETH Lido stETH predictions 93.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.