Bitcoin
BTC$56 623.70

11.18%

Ethereum
ETH$3 257.69

7.23%

Tether
USDT$1.000464

0.05%

Binance Coin
BNB$399.17

3.71%

Solana
SOL$111.24

9.60%

XRP
XRP$0.563142

5.66%

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 62% 79 $56 623.70 11.18% 9.37% $1 112 031 470 857 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 59.2% 81 $3 257.69 7.23% 12.32% $391 423 713 721 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92% 1 $1.000464 0.05% 0.07% $98 109 058 390 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 64.4% 69 $399.17 3.71% 12.77% $59 693 248 192 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 74.8% 44 $111.24 9.60% 2.08% $49 202 632 633 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 82.8% 22 $0.563142 5.66% 0.22% $30 744 319 017 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $0.999959 0% 0% $28 534 731 855 USDC 7 days price change
8 Cardano (ADA) ADA Cardano predictions 66.8% 67 $0.623028 8.17% 0.36% $22 099 890 311 ADA 7 days price change
9 Avalanche (AVAX) AVAX Avalanche predictions 73.2% 51 $39.46 8.54% 2.64% $14 884 006 901 AVAX 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 84% 18 $0.096125 13.99% 11.60% $13 769 217 373 DOGE 7 days price change
11 TRON (TRX) TRX TRON predictions 67.6% 61 $0.141372 2.82% 3.28% $12 440 780 834 TRX 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 68.8% 61 $0.140896 2.34% 2.98% $12 398 895 467 WTRX 7 days price change
13 Chainlink (LINK) LINK Chainlink predictions 74% 46 $19.25 5.91% -0.58% $11 304 080 878 LINK 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 75.2% 52 $8.14 6.70% 5.77% $10 444 466 378 DOT 7 days price change
15 Lido stETH (STETH) STETH Lido stETH predictions 93.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change

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