Bitcoin
BTC$26 275.38

0.21%

Ethereum
ETH$1 587.57

0.57%

Tether
USDT$0.999885

-0.02%

Binance Coin
BNB$210.08

0.83%

XRP
XRP$0.502599

0.41%

USD Coin
USDC$1.000132

0%

The nice Bitcoin technique


11 Apr 2023

#Bitcoin

The crypto market is now showing increased volatility. On Monday morning, the price climbed from Friday's low of $19.5K up to $22.7K. There are more fundamental factors behind bitcoin's decline, while we see tech behind the rebound in recent days. The problems at Silicon Valley Bank triggered a sell-off in risky assets, including bitcoin. At one point, it fell below its 200-day average, although it was higher at Friday's close, attracting buyers. Later, the RSI on the daily timeframe moved out of the oversold territory - another early bullish signal.

However, the upside amplitude was provided by reduced liquidity. On Monday, Bitcoin faces an important test of market sentiment. During the day, we must watch closely to see if we have a clean sell-off by the hawks. If so, it's an important signal that the recent rally was false and that the big players are still selling at better prices.

Potential buyers would still be better off waiting for a fix above $23,000 to confirm a bullish reversal. According to CoinMarketCap, the total capitalisation of the crypto market passed $1 trillion on Monday morning. Stablecoin USD Coin (USDC) lost its peg to the US dollar on Saturday, falling below $0.88 amid the collapse of Silicon Valley Bank (SVB), which held $3.3 billion of its reserves. DAI is also in trouble, falling below $0.90 as USDC partially backs the token. At the same time, many other stablecoins have crossed the $1.01 mark.

News background

Tron founder Justin Sun proposed the creation of a bank for the needs of the crypto industry amid the collapse of Silicon Valley Bank. Michael Barr, deputy head of the US Federal Reserve, has proposed creating a group to develop the regulation of crypto assets. According to him, if the Fed fails to regulate stablecoins, their widespread adoption could threaten the US economy. The US Treasury unveiled plans for the 2024 budget replenishment and said it intends to impose a 30% excise tax on mining companies' electricity use.

Renowned economist and cryptocurrency sceptic Peter Schiff called for cryptocurrencies to be sold as the industry is "about to see more bankruptcies". He pointed to the collapse of Silvergate Bank and US economic data that would force the Fed to raise interest rates. 

Twitter CEO Elon Musk said he was "open to the idea" of buying the troubled Silicon Valley Bank to turn the social network into a financial hub and digital bank.


Related

Tips to Choose the Right Second Citizenship Program
Tips to Choose the Right Second Citizenship Program
Bitcoin’s continued slide down
Bitcoin’s continued slide down
A new round of crypto market mistrust
A new round of crypto market mistrust
Bitcoin holds its range, but pressure mounts
Bitcoin holds its range, but pressure mounts
Bitcoin unlikely to end correction
Bitcoin unlikely to end correction
Bitcoin looks set to take a severe dive
Bitcoin looks set to take a severe dive
Bitcoin set for a deeper correction
Bitcoin set for a deeper correction
Bitcoin falls under pressure
Bitcoin falls under pressure
Bitcoin sticks to bull trend on banks' woes
Bitcoin sticks to bull trend on banks' woes

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 94.4% 4 $26 275.38 0.21% -1.57% $512 264 229 303 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 93.6% 6 $1 587.57 0.57% -2.66% $190 876 036 699 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.6% 1 $0.999885 -0.02% -0.07% $83 198 315 990 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 93.6% 4 $210.08 0.83% -2.71% $32 320 352 678 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 89.2% 8 $0.502599 0.41% -0.08% $26 761 004 233 XRP 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 91.6% 1 $1.000132 0% -0.03% $25 663 543 950 USDC 7 days price change
7 Lido stETH (STETH) STETH Lido stETH predictions 95.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
8 Cardano (ADA) ADA Cardano predictions 90.4% 7 $0.246432 1.19% -2.10% $8 655 293 025 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 89.6% 6 $0.060907 0.18% -1.83% $8 597 490 194 DOGE 7 days price change
10 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 86.4% 17 $0.083230 -0.20% 0.26% $8 462 475 836 WTRX 7 days price change
11 Solana (SOL) SOL Solana predictions 85.2% 23 $19.34 -0.10% -1.80% $7 981 923 575 SOL 7 days price change
12 TRON (TRX) TRX TRON predictions 88% 20 $0.084366 0.89% 0.58% $7 518 294 306 TRX 7 days price change
13 Toncoin (TON) TON Toncoin predictions 60% 80 $2.15 -1.96% -10.71% $7 370 150 744 TON 7 days price change
14 Dai (DAI) DAI Dai predictions 93.2% 1 $0.999781 -0.07% 0.01% $5 346 718 270 DAI 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 82.4% 23 $4.07 1.80% -0.55% $5 255 365 325 DOT 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2023 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.