Bitcoin
BTC$27 633.20

-0.02%

Ethereum
ETH$1 749.35

-0.49%

Tether
USDT$1.001019

-0.11%

Binance Coin
BNB$323.33

-0.83%

USD Coin
USDC$0.999720

0.07%

XRP
XRP$0.425604

-5.31%

The culmination of the battle for the trend in Bitcoin


04 May 2022

#Bitcoin

Bitcoin fell 1.8% on Tuesday, ending the day around $37,700 and temporarily below a meaningful support line. Notably, it was a cryptocurrency selloff as stock indices developed gains. The demand for risk recovery has likely returned interest in cryptos that went into the green on Wednesday.

Locally, bitcoin manages to maintain its balance on support, which has withstood the onslaught of sellers over the past four months. On the other hand, we see a sequence of increasingly lower local peaks since the last days of March. The lines of these two trends have reached their intersection point with a potential climax later today.

More often than not, the outcome of such triangles is to break the support because if it goes under $38K, we might see a rising wave of selloffs. A return to the uptrend will require confirmation with a decisive move above $40K, the area of previous local lows. Today, the market driver will be the FOMC, whose decisions and comments could reverse or reinforce the multi-week trend of the dollar leaving and curtailing demand for risky assets.

The culmination of the battle for the trend in Bitcoin

The cryptocurrency market is approaching the big event in a state of extreme fear, with the relevant index dropping 6 points to 21 by Wednesday. The total capitalisation of the crypto market, according to CoinMarketCap, fell 1.3% overnight to $1.72 trillion. According to Morgan Stanley, bitcoin's dependence on the stock market undermines the cryptocurrency's potential as an inflation risk hedge. Meanwhile, the correlation between bitcoin and a protective asset such as gold has fallen to its lowest level since 2018.

Brian Armstrong, Coinbase CEO, believes that despite the volatile state of the crypto market since early 2022, the number of cryptocurrency users will increase 5-fold over the next 10-20 years and reach more than 1 billion people.

The US Securities and Exchange Commission (SEC) creates a new unit to oversee the crypto market and expand its staff to combat digital fraud. Argentina's largest banks, Banco Galicia and Brubank, have announced that their customers will soon be able to trade in cryptocurrencies.


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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 71.6% 54 $27 633.20 -0.02% 2.44% $534 060 036 937 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 75.6% 39 $1 749.35 -0.49% -0.84% $214 074 957 233 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.8% 1 $1.001019 -0.11% -0.16% $78 566 092 119 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 75.6% 51 $323.33 -0.83% -3.57% $51 051 275 960 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92.4% 2 $0.999720 0.07% -0.02% $34 404 469 197 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 86% 21 $0.425604 -5.31% 12.54% $21 684 894 622 XRP 7 days price change
7 HEX (HEX) HEX HEX predictions 59.2% 82 $0.097262 -21.83% 8.78% $16 866 375 361 HEX 7 days price change
8 Cardano (ADA) ADA Cardano predictions 74.8% 43 $0.360665 -3.32% 4.16% $12 522 887 479 ADA 7 days price change
9 Lido stETH (STETH) STETH Lido stETH predictions 95.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 70.8% 51 $0.074732 -3.91% -1.34% $9 914 772 100 DOGE 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 77.6% 48 $1.11 -1.86% -9.15% $9 659 567 617 MATIC 7 days price change
12 Solana (SOL) SOL Solana predictions 75.2% 52 $21.59 -1.00% 4.01% $8 284 331 535 SOL 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $0.993449 -0.65% -0.74% $8 011 194 439 BUSD 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 73.6% 49 $6.13 -1.26% -6.49% $7 164 137 045 DOT 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 72% 58 $90.76 -0.41% 6.89% $6 584 394 664 LTC 7 days price change

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