Bitcoin
BTC$30 425.86

1.89%

Ethereum
ETH$2 090.50

3.30%

Tether
USDT$0.998912

0.01%

USD Coin
USDC$1.000223

-0.04%

Binance Coin
BNB$306.01

2.69%

XRP
XRP$0.437623

3.58%

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 63.6% 80 $30 425.86 1.89% -1.92% $579 391 415 566 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 61.2% 79 $2 090.50 3.30% -10.78% $252 573 435 663 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.2% 1 $0.998912 0.01% -0.09% $75 669 699 902 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000223 -0.04% 0.04% $52 257 588 805 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 62.8% 79 $306.01 2.69% -4.14% $49 964 118 179 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 63.6% 70 $0.437623 3.58% -14.80% $21 156 072 907 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 64% 70 $0.578106 3.81% -8.07% $19 504 744 967 ADA 7 days price change
8 Solana (SOL) SOL Solana predictions 62% 80 $57.15 6.48% -14.37% $19 281 004 281 SOL 7 days price change
9 Binance USD (BUSD) BUSD Binance USD predictions 92.8% 1 $1.001801 0.23% 0.21% $18 227 343 147 BUSD 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 64.8% 80 $0.090213 2.70% -16.84% $11 968 648 400 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 66% 77 $11.03 3.86% -2.85% $10 897 183 478 DOT 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 60% 78 $34.41 5.51% -22.75% $9 258 886 148 AVAX 7 days price change
13 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 60% 80 $30 467.72 2.06% -1.79% $8 633 147 111 WBTC 7 days price change
14 TRON (TRX) TRX TRON predictions 69.6% 60 $0.072292 4.60% -6.07% $7 059 564 799 TRX 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 62.8% 78 $0.000013 4.67% -22.56% $6 893 647 644 SHIB 7 days price change

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