The live Bitcoin price and the prices of the top 25 crypto currencies are falling again today. We analyze why. We also signal investor concerns and look at the expected bottom. Finally, we share the Bitcoin weekly forecast.
We begin, of course, with the live Bitcoin price and the prices of the top 25 crypto currencies.
Live Bitcoin price and prices top 25 crypto coins drop
At the time of writing, the live Bitcoin price is quoting EUR 37,262.43 ($40,400.72). This is 4.24% lower than during our Bitcoin lunch yesterday.
The prices of the top 25 crypto coins are also in a downtrend. Apart from some stable coins, we only see green figures for Polygon (MATIC) and Tron (TRX) with + 1.39% and +7.05% respectively. The biggest loss is currently with – 5.93% for Near Protocol (NEAR). On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day and thus also throughout the weekend.
Why is the Bitcoin price falling?
As far as we can see right now, it’s mostly macroeconomic factors that are causing the Bitcoin price to fall. Similarly, we are seeing losses in the (tech) stock market and correlation is now playing tricks on BTC.
In addition, the Fed is reducing its balance sheet in the fight against high inflation. This is now reflected in the FED figures and is causing investors to react cautiously. In addition, the market is cautious about the upcoming interest rate decision of the FED, which will be announced at the beginning of May.
Concerns about BTC price development
The impact of the balance sheet reduction is expected to be temporary. Also, as we indicated earlier, analysts expect the correlation with stock prices to be gradually loosened by the market.
This leaves only the fear of interest rate measures and consequences of the Fed’s tapering of Covid19 support as longer-term macroeconomic concerns for the Bitcoin price.
Added to this, however, is the still tense situation in the Ukraine. Another factor of concern is that Google trend analyses show that the interest of private investors is declining. This is partly explained by the consolidating price level that we have seen for some time, but there is another factor that is more fundamental. It turns out that young investors in particular are now looking further afield. They are more interested in other developments in crypto, such as DeFi and layer 1 blockchains like Solana and Avalanche.
Do Bitcoin whales put a bid in the Bitcoin price?
In addition to these concerns, there is also a positive trend to report. Indeed, on-chain research firm Santiment published that whales are buying Bitcoin as soon as the price drops below $40,000. Although the total number of BTC held by whales is still below the ATH level in October/November, the trend is striking. You can see this in the chart below.
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#Bitcoin whale addresses holding 100 to 10k $BTC have collectively accumulated 18,104 more $BTC since the April 10th price drop below $40k. However, their holdings are still down substantially since October. Meanwhile $USDT buying power looks promising. https://t.co/9ydYeURT25 pic.twitter.com/gD9J64saO8
– Santiment (@santimentfeed) April 21, 2022
With that, the whales seem to be preventing a price drop to “low 30s. Moreover, by buying up BTC below $40,000, they show that they have confidence in a price rise. Smaller investors apparently conclude as a result that they can buy Bitcoin without much risk once the price gets around or below $40,000.00, when there is a good chance of price appreciation. This is also evident in the weekly forecast.
This is what analysts expect from the Bitcoin price in the coming week
Despite the volatility, the Bitcoin price remains above the 200 3-day simple moving average (that limit is at $39,946). As long as this remains the case, the analysis believes there is every room for a positive trend, which is expected to be initiated when the price moves between $40,100 and $40,500.
After that there are some smaller resistances at $41,152.00 and $42,137.00 and a heavier resistance at $44,591.00. However, analysts believe that these resistances can be broken. If this is the case, the way is open to $46,198 (the 2022 high) and $47,997 (the 200-day moving average). You can watch the entire video analysis below.
Of course, a bearish scenario is also possible. This comes into view if Bitcoin fails to defend the bottom line of the support zone (at $40,500.-). According to technical analysis, the price could then fall to $34,752 and even dip below $30,000. Since, as we mentioned above, we have seen in practice that the whales prevent such a crash as soon as the price drops below $40,000, the question is how realistic this technical bear signal is.
Want to stay up to date with the latest price developments?
You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. Are you interested in other investments besides crypto? Then our weekly Monday morning price forecast might be a reading tip. “Please note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest in.”
