Bitcoin
BTC$62 538.82

4.26%

Ethereum
ETH$3 337.33

4.27%

Tether
USDT$1.000431

-0.01%

Binance Coin
BNB$560.21

4.36%

Solana
SOL$151.78

4.46%

USD Coin
USDC$0.999957

-0.03%

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 72.8% 46 $62 538.82 4.26% 9.89% $1 233 633 214 996 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 74.8% 49 $3 337.33 4.27% 10.02% $401 207 056 171 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.6% 1 $1.000431 -0.01% 0.03% $112 585 448 619 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 72.4% 47 $560.21 4.36% 9.35% $82 676 552 417 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 84.4% 29 $151.78 4.46% 8.67% $70 438 687 891 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 96% 1 $0.999957 -0.03% -0.01% $34 041 675 514 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 76.8% 37 $0.534577 0.32% 23.30% $29 832 244 844 XRP 7 days price change
8 Toncoin (TON) TON Toncoin predictions 87.6% 21 $7.40 0.44% 2.90% $18 561 993 879 TON 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 72.4% 49 $0.117155 3.59% 8.30% $17 002 052 588 DOGE 7 days price change
10 Cardano (ADA) ADA Cardano predictions 80% 35 $0.434209 0% 16.01% $15 579 847 734 ADA 7 days price change
11 TRON (TRX) TRX TRON predictions 80.8% 40 $0.138233 0.21% 10.38% $12 043 056 081 TRX 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 75.6% 44 $26.78 2.81% -0.40% $10 565 219 011 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 81.6% 37 $0.000018 2.98% 8.01% $10 503 854 213 SHIB 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 94.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 95.2% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change

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