By now we are ready for lunch again and so we take a look at the live Bitcoin price and the prices of the top 25 crypto currencies. Then we see how there is a shift in power within Bitcoin. What are the implications? Finally, we look at the key price for Bitcoin in the short and longer term.
We begin, of course, with the live Bitcoin price and the prices of the top 25 crypto currencies.
Live Bitcoin price drops, prices top 25 crypto too
At the time of writing, the live Bitcoin price is quoting EUR 28,741.13 ($29,922.97). This is 1.89% lower than during our cryptolunch yesterday.
The prices of the top 25 crypto currencies are also falling with few exceptions. The largest price increase is currently for Litecoin (LTC) at +2.69%. Polka Dot (DOT) is currently recording the largest price decline of the top 25 crypto coins at -6.04%. On the site of Tradeincrypto.com you can follow all results and live crypto prices 24 hours a day.
Power shift in Bitcoin: institutional investors take over
Until a few years ago, the Bitcoin market was primarily a retail market. In recent years, the number of institutional investors has been increasing. US-based MicroStrategy provided a breakthrough for BTC as an investment for institutional investors in 2020.
Meanwhile, we see that institutional investors are in the process of taking over when it comes to investing in Bitcoin. For example, we can see from first quarter figures that retail investors are parting ways with Bitcoin en masse. For example, a whopping 76% of the daily trading volume on crypto exchange Coinbase came from institutional investors.
With that, the Bitcoin price is also increasingly determined by institutional investors and their transactions. This may explain, for example, the increasing correlation with (tech) stocks, but also the flattening of trading volume. Perhaps with this we should consider whether the indicators of technical analysis are not in need of recalibration.
BTC price turns bearish, what do investors think?
Meanwhile, the price of Bitcoin is back below $30,000. This has increased the chances of a bearish price pattern (and thus price decline) again. In addition, the rebound at the 76.4% Fibonacci retracement level has not been achieved. Also the RSI gives a bearish indication for the short term.
Finally, investor sentiment is not yet optimal. This is shown, for example, in a poll conducted by Dutch analyst PlanB. In it we see that the majority of over 109,000 voters do not believe that the lowest price of the year so far ($25,400) is the bottom of this bear cycle.
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So, was $25.4K the bottom?
– PlanB (@100trillionUSD) May 17, 2022
These Bitcoin quotes are key
So analysts are now focusing on several key quotes to estimate the price movement of BTC. First of all, there is of course the price level of $30,000. If the Bitcoin price rises above that again, the market may see a (short) bullish trend. With this, the BTC price can rise to $35,000.
In other case, we have to take into account that the Bitcoin price will fall to the Fibonacci support zone between $28,500 and $27,700 in the short term. If this support level also proves not to be strong enough, the lowest point of this year at $225,400 will again come into view.
According to experts, the crypto crisis looks set to continue for some time. It is therefore expected that before we see a bullish return, we will first have to go down further. It is estimated that the bottom of this bear rally is around the top of 2017 (i.e. around $20,000).
So it remains exciting in the crypto market. Of course, we will continue to follow and cover the developments. Will you continue to follow us?
Keep up to date with the latest stock 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.”