Bitcoin
BTC$70 763.94

0.94%

Ethereum
ETH$3 586.03

0.18%

Tether
USDT$0.999584

-0.04%

Binance Coin
BNB$585.91

1.33%

Solana
SOL$186.13

-0.14%

XRP
XRP$0.620961

0.34%

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 74.4% 44 $70 763.94 0.94% 5.67% $1 391 680 352 568 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 72.8% 48 $3 586.03 0.18% 1.28% $430 580 741 085 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.6% 1 $0.999584 -0.04% -0.13% $104 410 732 247 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 63.2% 80 $585.91 1.33% 3.31% $87 615 357 146 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 57.2% 89 $186.13 -0.14% -1.60% $82 695 918 849 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 84% 31 $0.620961 0.34% 0.45% $34 080 959 818 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 90.4% 2 $1.000145 0.02% -0.06% $32 217 331 035 USDC 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 66.8% 68 $0.214916 17.22% 41.76% $30 873 006 808 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 67.2% 67 $0.650162 -0.02% 2.32% $23 133 135 789 ADA 7 days price change
10 Avalanche (AVAX) AVAX Avalanche predictions 56% 88 $54.19 -1.63% -1.34% $20 453 673 102 AVAX 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 56.4% 94 $0.000032 6.05% 19.52% $19 062 259 223 SHIB 7 days price change
12 Toncoin (TON) TON Toncoin predictions 60.4% 88 $4.90 -1.12% 18.21% $17 002 061 565 TON 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 70.4% 52 $9.54 -0.07% 1.08% $13 618 683 187 DOT 7 days price change
14 Chainlink (LINK) LINK Chainlink predictions 74.4% 42 $19.56 -0.52% 6.75% $11 482 801 678 LINK 7 days price change
15 Bitcoin Cash (BCH) BCH Bitcoin Cash predictions 70% 60 $567.19 15.24% 31.96% $11 163 033 918 BCH 7 days price change

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