Bitcoin
BTC$51 321.39

-1.01%

Ethereum
ETH$2 970.08

-0.04%

Tether
USDT$0.999407

-0.07%

Binance Coin
BNB$381.98

0.94%

Solana
SOL$101.64

-3.39%

XRP
XRP$0.540875

-1.48%

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 61.2% 78 $51 321.39 -1.01% -1.18% $1 007 692 041 556 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 63.2% 76 $2 970.08 -0.04% 5.19% $356 888 554 759 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.6% 1 $0.999407 -0.07% -0.15% $97 783 839 269 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 69.2% 63 $381.98 0.94% 7.61% $57 122 110 921 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 75.2% 53 $101.64 -3.39% -10.60% $44 820 445 776 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 86.8% 21 $0.540875 -1.48% -3.87% $29 509 391 184 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000078 0.01% 0.01% $27 984 520 970 USDC 7 days price change
8 Cardano (ADA) ADA Cardano predictions 67.2% 64 $0.586269 -2.03% -3.60% $20 791 742 444 ADA 7 days price change
9 Avalanche (AVAX) AVAX Avalanche predictions 68.8% 61 $36.78 -2.34% -11.59% $13 873 006 300 AVAX 7 days price change
10 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 71.2% 60 $0.139158 -0.09% 6.33% $12 248 949 216 WTRX 7 days price change
11 TRON (TRX) TRX TRON predictions 71.2% 60 $0.138928 -0.56% 5.92% $12 228 675 321 TRX 7 days price change
12 Dogecoin (DOGE) DOGE Dogecoin predictions 88% 12 $0.084094 -0.63% -1.49% $12 040 838 074 DOGE 7 days price change
13 Chainlink (LINK) LINK Chainlink predictions 67.6% 68 $18.12 -2.55% -9.17% $10 638 341 760 LINK 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 91.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 76% 50 $7.49 0.22% -3.63% $9 603 442 412 DOT 7 days price change

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