It’s lunchtime again and so we take a look at the live Bitcoin price and the prices of the top 25 crypto on the European markets. Then we analyze some key facts about today’s Bitcoin market. Finally, we look ahead with our weekend forecast.
We begin, of course, with the live Bitcoin price and the current prices of the top 25 crypto.
Live Bitcoin price and prices top 25 crypto drop
At the time of writing, the live Bitcoin price is quoting EUR 27,105.22 ($28,935.07). This is 1.03% lower than during our Bitcoin lunch yesterday.
The current prices of most other crypto in the top 25 are also negative. There are a few exceptions. The biggest gain of the day so far is for Polkadot (DOT) at +2.78%. The biggest loss so far is for Avalanche (AVAX) at -8.67%. On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day, including the whole weekend.
Bitcoin market analysis: remarkable things are happening
First of all, we saw that Bitcoin and crypto had a difficult night and morning. For example, the price dropped below $29,000 and set course for $28,000. Meanwhile, the market seems to be recovering slightly, but the BTC is still quoting a price below $29,000 at the time of writing, which is important for our weekend analysis.
We do see that Bitcoin is becoming more dominant. In the past 24 hours, the dominance of the BTC increased by 1%. This means that investors within crypto are playing it safe and are more likely to invest in the well-established market leader rather than the newer coins.
Less correlation between BTC and equities, but…
Another noteworthy analysis is that the correlation between (tech) stocks and the Bitcoin is diminishing. One had anticipated this, but the expectation was that the BTC would outperform the stock prices. The opposite appears to be the case.
Bitcoin is currently posting a weekly result of -4.60% while the Nasdaq 100 is expected to close with about a 2% gain. At the S&P 500, this disconnect is even more pronounced. There they recorded a weekly gain of some 3.3%. This means that since January 1, 2022, Bitcoin has lost about 15% more than the NASDAQ. With that, investors evidently see more risk in the BTC than in tech stocks and that is a bearish development.
Big whales drop out of BTC consolidation
Meanwhile, we see that the bear trend (which at 9 weeks is the longest in the history of the BTC so far) and the consolidating Bitcoin price is also making the whales impatient. Consequently, the giant whales (with over $1 million in BTC) are distributing their coins to exchanges for possible sale. There is certainly no appetite among them to support the price further by buying BTC.
The category of whales below them (with holdings between $100,000.00 and $1,000,000.00) is less nervous, but does show wait-and-see behavior. This is different for the smaller whales. They do not seem to want to know about capitulation (yet) and together with the institutional investors they form the last group that keeps BTC from capitulating. This makes it more and more difficult to prevent a sharp fall in the BTC market price, which has been foreseen for some time. The question is, of course, on which term this can happen.
Bitcoin weekend analysis: is the BTC jumping out of the band?
That brings us to the Bitcoin price forecast for the weekend. As we saw, the currency is currently trading below $29,000 and we see many bearish factors. In doing so, Bitcoin has been consolidating for some time and a breakout seems imminent.
As a result of the price drop, resistance is now forming at $29,500. Resistance at $30,000 is also still strong. Given all developments, the market currently seems unable to break these two resistances.
If the price drops, we see a support level of $28,500.- and a further price decline is lurking. That can go fast. A fall towards the realized price of $24,000 is not excluded.
In fact, according to various technical analyses, a bear run is necessary to get the liquidity for the next record (bull) run. A decline to $ 18,179.- can therefore not be ruled out. Even with a price rise (which could possibly reach $35,000), experts are taking into account a so-called “dead cat bounce” and seem to expect a sharp decline after the price rise.
So for now it looks like it will be an uncertain weekend where trading between the bandwidths of $28,000.00 and $30,000.00 is a real option. If Bitcoin breaks the band, a bearish breakout (further price decline) is more likely than a price rise. So if you want to invest it still seems wise to focus on making money in an uncertain crypto market.
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.”