Bitcoin
BTC$16 537.50

0.10%

Ethereum
ETH$1 215.18

0.17%

Tether
USDT$0.999553

0%

Binance Coin
BNB$311.77

-0.81%

USD Coin
USDC$1.000145

0%

Binance USD
BUSD$1.000525

0.06%

Bitcoin's last hope for $38K


27 Apr 2022

#Bitcoin

Bitcoin has lost 5.3% in the past 24 hours, falling to $38.4K. Ethereum is down 5.4% to $2845 in the same time frame. In the top 10 altcoins, losses range from 3.6% (BNB) to 12.7% (Dogecoin). Total crypto market capitalisation, according to CoinMarketCap, fell 5.1% overnight to $1.77 trillion. Bitcoin’s dominance index fell to 41.2%.

By Wednesday, the Cryptocurrency Fear and Greed Index fell 6 points to 21 and moved back to “extreme fear”. Bitcoin collapsed with acceleration compared to the stock market on Tuesday, falling the most in 15 days. Near the $38K level, the first cryptocurrency fumbled for buyer demand. Around these levels in February and early March, buyers were already breaking the downtrend, but the upside momentum proved unsustainable.

On the balance sheet, we have contradictory short-term signals. The BTCUSD has abruptly fallen below a critical support line, a bearish signal. At the same time, the uptrend breakdown failed to be confirmed by buying near previous local lows. We can describe it as Bitcoin falling out of the window but latching onto the windowsill. Equally contradictory was the news backdrop.

Bitcoin's last hope for $38K

According to CoinShares, institutional investors continue to withdraw capital from crypto funds from the downside. The net outflow of funds last week was $7.2 million, although it was down from the previous two weeks when investors withdrew more than $231 million.

Regulatory pressure continues unabated

ECB spokesman Fabio Panetta called the cryptocurrency industry the “Wild West” and called for stricter regulation. Meanwhile, bitcoin steps up further in recognition of a long-term investment vehicle. Fidelity Investments, one of the largest asset management firms, will make it possible to add bitcoin to its retirement portfolios. In addition, the sustainability of mining has improved. The Bitcoin Mining Council (BMC) stated that mining efficiency increased by 63% in the last quarter thanks to the widespread adoption of sustainable energy and modern techniques.

As a result of the controversial picture, investors refrain from active action. According to Kaiko, trading volume on cryptocurrency exchanges has fallen to its lowest level since the summer of 2021. Glassnode believes that bitcoin’s fundamental metrics have improved in recent months.


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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% 88 $16 537.50 0.10% -0.06% $317 822 304 352 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 59.2% 86 $1 215.18 0.17% 3.58% $148 706 732 936 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.6% 1 $0.999553 0% 0.06% $65 333 494 729 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 66.8% 66 $311.77 -0.81% 15.95% $49 874 568 821 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $1.000145 0% 0.01% $44 197 320 437 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 94.4% 1 $1.000525 0.06% 0.04% $22 413 293 222 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 59.6% 80 $0.400048 -0.72% 7.25% $20 121 884 534 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 54.8% 92 $0.103633 13.34% 28.16% $13 749 128 535 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 64% 82 $0.317554 0.33% -0.14% $10 934 620 515 ADA 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 93.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 68% 65 $0.858219 0.62% 3.68% $7 495 959 645 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 65.2% 71 $5.39 0.20% -1.00% $6 139 923 968 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 95.2% 1 $1.000045 -0.03% 0.01% $5 726 562 394 DAI 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 66.4% 64 $76.42 0.50% 24.32% $5 479 552 153 LTC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 60.8% 82 $0.053646 1.63% 5.42% $5 454 488 141 WTRX 7 days price change

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