Bitcoin
BTC$20 358.95

-1.33%

Ethereum
ETH$1 152.46

-1.93%

Tether
USDT$0.998816

-0.02%

USD Coin
USDC$1.000328

0.02%

Binance Coin
BNB$229.42

-1.07%

Binance USD
BUSD$0.999158

-0.18%

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 59.6% 92 $20 358.95 -1.33% -0.55% $388 446 303 368 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 55.2% 90 $1 152.46 -1.93% 4.48% $139 837 109 318 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.4% 1 $0.998816 -0.02% -0.02% $66 745 776 786 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 93.6% 1 $1.000328 0.02% 0.03% $55 820 927 466 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 58.4% 89 $229.42 -1.07% 5.78% $37 459 518 058 BNB 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 91.6% 1 $0.999158 -0.18% 0.06% $17 369 031 848 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 62% 80 $0.336907 -1.76% 4.22% $16 287 125 919 XRP 7 days price change
8 Cardano (ADA) ADA Cardano predictions 65.6% 75 $0.474957 -1.02% 1.44% $16 117 202 321 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 68% 66 $35.68 -4.55% 1.04% $12 230 152 580 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 61.6% 80 $0.067308 -3.10% 5.51% $8 929 753 009 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 63.2% 78 $7.42 -1.67% -1.75% $7 329 831 546 DOT 7 days price change
12 Dai (DAI) DAI Dai predictions 92% 1 $1.000154 0.06% 0.05% $6 718 496 522 DAI 7 days price change
13 TRON (TRX) TRX TRON predictions 55.6% 91 $0.066274 0.93% 2.59% $6 130 034 055 TRX 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 63.2% 74 $0.000010 -5.15% 3.23% $5 583 599 858 SHIB 7 days price change
15 UNUS SED LEO (LEO) LEO UNUS SED LEO predictions 76.8% 50 $5.74 -1.31% -1.91% $5 479 483 866 LEO 7 days price change

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