As usual, we look at the live Bitcoin price and the prices of the top 25 crypto. Then we look at various technical analyses to see if more severe weather is on the way. Finally, we look at the price forecast. Experts remain divided.
We start with the live Bitcoin price and the prices of the top 25 crypto.
Live Bitcoin price drops, prices other top 25 crypto exchange
At the time of writing, the live Bitcoin price is quoting EUR 37,023.70 ($40,314.91). This is 2% lower than yesterday around this time and also lower than during our Bitcoin lunch we published earlier in the day yesterday.
The results of the top 25 crypto coins so far change. The biggest gain of the day so far is at +7.72% for Shiba Inu (SHIB). Wrapped Bitcoin (WBTC) is posting the biggest loss of the day so far at +3.12%. On the Tradeincrypto.com site you can of course view all live crypto prices.
Mysterious Bitcoin transaction leads to speculation
Unrest in the market is causing price movement. Last night there was (a little) unrest again when a trader sent 5,100 BTC from a private wallet to Coinbase. A few hours later, a reverse transaction followed.
Sending coins to the exchange is a signal that the owner is considering selling. The market therefore sees this as bearish. In addition, such large amounts of BTC are generally traded off-exchange (over the counter). Such transactions therefore lead to speculation, but since Bitcoin is pseudonymous, this leads nowhere. So we remain alert and wait to see if more large transactions emerge from this wallet. Meanwhile, the market seems to be stabilizing again after the incident.
Technical BTC analysis: further decline in sight due to correlation
One of the things that worries some investors is the correlation with tech stocks. We also see this in technical analysis. Investors in Bitcoin largely exhibit the same behavior as investors in tech (stocks).
We see that Bitcoin is now trading below the support level of $40,500 – $42,500. If this is structural a further decline will be expected. In addition, we see that the amount of BTC on exchanges is slowly increasing. This is a bearish indicator that more investors are considering selling. The on-chain metrics also point to a further correction. The number of active addresses is declining. On a positive note, the number of addresses holding between 1 and 10 BTC is actually increasing.
Fortunately, there is also a positive signal. Investors holding Bitcoin are becoming more positive about price increases. You can view the entire analysis with accompanying charts here.
What does this mean for Bitcoin price expectations?
Judging by the above analyses, a further decline in the price is in the offing, with the support zone coming in between $33,000.00 and $37,000.00.
Still, analysts remain positive after this weekend’s bullish forecast. For example, FX Street emphatically states its expectation that a rise in the BTC price to $52,000.00 is in the offing has not yet been broken by yesterday’s and today’s corrections.
We are a bit more cautious and recommend to mainly consider the possibilities of trading crypto in an uncertain 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.”
