FXTM information and reviews
FXTM
93%
OctaFX information and reviews
OctaFX
92%
XM information and reviews
XM
91%
FXCC information and reviews
FXCC
90%
Libertex information and reviews
Libertex
89%
FxPro information and reviews
FxPro
88%

Bears prepare for a new attack on Bitcoin


29 June 2022 Written by Alex Kuptsikevich  FxPro Senior Market Analyst Alex Kuptsikevich

Bitcoin was down 3.1% on Tuesday, ending the day around $20.3K, where it is consolidating on Wednesday morning. Ethereum has lost 3.1% in the past 24 hours, leading other altcoins down 1.9% (Cardano) to 6.9% (Shiba Inu). Total cryptocurrency market capitalisation, according to CoinMarketCap, fell 2% overnight to $911bn. Bitcoin’s dominance index remained at 42.5%. The Cryptocurrency Fear and Greed Index was up 3 points to 13 by Wednesday and remains in a state of “extreme fear”.

Bitcoin declined on Tuesday following the US market, where the bears reigned the upper hand again, taking more than 3% from the Nasdaq index. 

The local technical picture is rather worrying. The recent bounce might have been enough to consolidate the bearish forces before a new attack. Traders should be ready for the new test of lows at 18K before the end of this week if moods on financial markets don’t reverse.

Bears prepare for a new attack on Bitcoin

According to CoinShares, capital outflows from crypto funds last week amounted to the all-time high at $423 million, with almost all funds withdrawn coming from bitcoin-based products. The driver was the launch of ProShares’ first US bitcoin inverse ETF, which allowed investors to open short positions in the cryptocurrency. Simply put, the institutions that have been such a significant driver of Bitcoin and Ether’s growth in the previous couple of years are now selling off these assets, putting additional pressure on the entire market.

What the crypto market lacks currently is long-term institutional HODLers. Bank of America said concerns about the crypto winter had not cooled investor interest in the industry.

SEC chairman Gary Gensler clarified his stance on bitcoin in an interview with CNBC, calling it a commodity. MicroStrategy CEO Michael Saylor said it would allow politicians and governments to support bitcoin as a technology and digital asset.  According to a Mastercard survey, in Latin America, 51% of the payment system’s card users have bought cryptocurrencies. About a third of respondents invested in stable coins. Investments in NFT and DeFi projects are pretty popular.

Share:


Related

Bitcoin's bullish stability
Bitcoin's bullish stability

Bitcoin has been down 1.2% over the past seven days, trading at $23,600. These are tiny moves by crypto market standards. Indeed, the first cryptocurrency has been dealing...

8 Aug 2022

Bitcoin remains in ascending corridor
Bitcoin remains in ascending corridor

Bitcoin was down 3.5% on Thursday, ending at around $22,500, but almost fully recovered its losses on Friday morning. As a result, changes over the past 24 hours are minimal...

5 Aug 2022

Bitcoin fails to keep up with stocks
Bitcoin fails to keep up with stocks

Bitcoin has added 0.8% to $23100 in the past 24 hours, a worryingly weak result. Ethereum strengthened 1.3% to $1650. Other leading altcoins gained between 0.9%...

4 Aug 2022

The Crypto market won't rush to growth
The Crypto market won't rush to growth

Bitcoin continues its soft landing towards the lower end of the upward corridor, losing around 0.5% over Tuesday and retreating to $23K. Ethereum has strengthened by 2.7% to $1630 in the past 24 hours...

3 Aug 2022

Bitcoin retreats from the upper boundary of an uptrend channel
Bitcoin retreats from the upper boundary of an uptrend channel

Bitcoin has lost 2.1% in the past 24 hours, pulling back to $22.9K. Ethereum has fallen 6.5% over the same period, to $1580. Top altcoins fell from 2.7% (XRP) to 12% (Polkadot)...

2 Aug 2022

Bitcoin is climbing out of the pit but is not yet ready to fly
Bitcoin is climbing out of the pit but is not yet ready to fly

Bitcoin closed Thursday near $24,000, retesting that area after a failed attempt to climb higher in the middle of last week. The first cryptocurrency has added 3.8% over 24 hours...

29 Jul 2022


HFM information and reviews
HFM
87%
IronFX information and reviews
IronFX
86%
FXCM information and reviews
FXCM
85%
Pepperstone information and reviews
Pepperstone
84%
NordFX information and reviews
NordFX
83%
LegacyFX information and reviews
LegacyFX
82%

© 2006-2022 Forex-Ratings.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 (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings 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 the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.