Bitcoin
BTC$58 802.33

2.47%

Ethereum
ETH$3 158.99

2.73%

Tether
USDT$1.000023

-0.02%

Binance Coin
BNB$537.00

2.16%

Solana
SOL$140.42

2.70%

USD Coin
USDC$0.999889

-0.02%

Bitcoin’s decline is oversold, but it’s too early to talk about a new rally


21 Jun 2022

#Bitcoin

Bitcoin has rebounded 5% in the past 24 hours, trading at $20,800. Ethereum has recovered 6.4% to $1130 in the same time frame. Leading altcoins in the top 10 are adding from a modest 3.5% (XRP) to an impressive 15% (Solana). Total cryptocurrency market capitalisation, according to CoinMarketCap, rose 5% to $914bn. Tuesday, the cryptocurrency fear and greed index was unchanged at 9 points (“extreme fear”).

Bitcoin managed to hold above the $20,000 round level on Monday amid weak trading activity due to the US holidays and attracting enough speculative demand after dipping below the meaningful round level. This recovery removes some of the extreme oversold nature of the cryptocurrency.

Still, it will be too early to talk about a long-term reversal: all negative fundamentals remain. In our view, until sharp monetary policy tightening becomes the norm, financial market pressures can quickly negate bounces in cryptocurrencies. Even if we have seen a bottom, it could still be months before the next sustained rally.

Bitcoin’s decline is oversold, but it’s too early to talk about a new rally

Bitcoin’s return above $20,000 does not mean it has hit “the bottom”, warned renowned cryptocurrency critic and gold supporter Peter Schiff. Kraken exchange marketing director Dan Held said bitcoin had chosen the most pessimistic scenario possible amid rising inflation and an impending recession.

According to him, “those who survive will get HODLer status”. El Salvador President Nayib Bukele urged the cryptocurrency community not to panic as the market falls. According to him, the decline is relatively standard, and market participants must be patient. JPMorgan Bank said that the rising share of stable coins in the total market capitalisation of the crypto market indicates its growth potential. Changpeng Zhao, chief executive of cryptocurrency exchange Binance, denied media reports that the platform bought more than 100,000 BTC on a falling market.

 


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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 73.2% 50 $58 802.33 2.47% 3.63% $1 159 592 582 308 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 77.2% 47 $3 158.99 2.73% 5.29% $379 752 378 655 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.4% 1 $1.000023 -0.02% -0.01% $112 419 892 990 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 76.4% 47 $537.00 2.16% 5.16% $79 252 356 498 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 80% 29 $140.42 2.70% 1.28% $65 148 922 145 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 95.6% 1 $0.999889 -0.02% -0.01% $33 923 022 151 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 80.4% 29 $0.511923 8.53% 17.69% $28 568 046 112 XRP 7 days price change
8 Toncoin (TON) TON Toncoin predictions 85.6% 25 $7.35 1.71% -1.59% $18 428 819 594 TON 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 74.8% 52 $0.110064 3.71% 1.68% $15 970 045 255 DOGE 7 days price change
10 Cardano (ADA) ADA Cardano predictions 82.4% 33 $0.421789 5.00% 18.46% $15 134 211 562 ADA 7 days price change
11 TRON (TRX) TRX TRON predictions 79.2% 41 $0.139556 1.97% 7.60% $12 159 398 125 TRX 7 days price change
12 Lido stETH (STETH) STETH Lido stETH predictions 94% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 72.8% 55 $25.95 3.06% 0.71% $10 233 289 511 AVAX 7 days price change
14 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 96% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change
15 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 94.4% 1 $65 806.83 0.78% -2.68% $10 083 957 608 WBTC 7 days price change

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