Bitcoin
BTC$65 916.61

-3.02%

Ethereum
ETH$3 431.41

-4.76%

Tether
USDT$1.000111

0.05%

Solana
SOL$184.76

-9.30%

Binance Coin
BNB$536.11

-5.15%

XRP
XRP$0.615485

-1.01%

Bitcoin’s downtrend as a sign of market maturity


03 Dec 2021

#Bitcoin

Over the past 24 hours, cryptocurrency market capitalisation has fallen by 1.8% to $2.59 trillion, with bitcoin losing only 0.5% to $56.7K. On bitcoin’s daily charts, the RSI index remains in the lower half of the scale, at 45. The 50-day moving average is now at $60.7K and the 200-day at $48.2K, both moving horizontally. On balance, this means that Bitcoin is in a medium-term decline phase but is still on a long-term bull phase. 

Locally, a steady sequence of lower highs and lower lows has been forming in Bitcoin since 17 November. The intraday charts clearly show BTCUSD bouncing back from increasingly lower levels. And this is a serious reason to think about selling by the big players.

The cryptocurrency Fear and Greed Index lost one point, declined to 32. The market failed to pick up the pace of the recovery and use fear as a reason to buy because of the negative stock market dynamics. Players rushed to lock in some of the profits in those coins that had been rising ahead of the recent gains. As a result, ETHUSD lost 4% over 24 hours, Binance Coin -1.4% and Polkadot -5.6%.

BTCUSD Daily Chart

BTCUSD Daily Chart

Despite the latest downtick, the cryptocurrency market continues to distance itself from the situation in traditional financials without going into a deeper profit correction mode. The local downtrend in BTCUSD, if not accelerated in the coming days, promises to be a sign of a healthy maturation of the market without hurting it. Cryptocurrency investors are becoming more sophisticated, viewing the sector as a business rather than a capital-savings vehicle or casino, where a bet played can multiply an investment.


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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 60.8% 76 $65 916.61 -3.02% -7.85% $1 295 797 715 501 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 66.4% 68 $3 431.41 -4.76% -14.87% $412 034 451 178 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000111 0.05% -0.01% $103 629 685 403 USDT 7 days price change
4 Solana (SOL) SOL Solana predictions 65.2% 79 $184.76 -9.30% 21.28% $82 013 896 110 SOL 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 58.4% 90 $536.11 -5.15% 0.39% $80 168 471 194 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 68.4% 59 $0.615485 -1.01% -11.06% $33 728 706 402 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 92.4% 2 $1.000282 0.02% 0.02% $31 270 163 169 USDC 7 days price change
8 Cardano (ADA) ADA Cardano predictions 64% 76 $0.633413 -5.90% -16.65% $22 527 010 926 ADA 7 days price change
9 Avalanche (AVAX) AVAX Avalanche predictions 67.6% 73 $58.80 -3.66% 20.83% $22 184 253 510 AVAX 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 58.4% 89 $0.136184 -10.14% -21.98% $19 545 943 977 DOGE 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 54.4% 94 $0.000026 -10.09% -22.02% $15 230 374 615 SHIB 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 57.2% 87 $9.40 -6.22% -13.91% $13 389 000 592 DOT 7 days price change
13 Toncoin (TON) TON Toncoin predictions 69.2% 69 $3.67 -6.90% 3.81% $12 734 927 068 TON 7 days price change
14 TRON (TRX) TRX TRON predictions 88% 19 $0.123224 -2.38% -7.45% $10 822 853 238 TRX 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 83.2% 21 $0.123213 -2.12% -7.65% $10 821 889 738 WTRX 7 days price change

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