Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin Downward Pull Deepens Despite Growing Institutional Interest

The cryptocurrency market is wading in red waters for the second day in a row. The widespread declines are likely to have been triggered by Bitcoin's drop from highs around $60,000 to $51,000.

Some of the most affected crypto assets include Polkadot (down 13%), Uniswap (down 13.5%), THETA (down 11%), IOTA (down 10%) and Theta Fuel (down 18%). Intriguingly, some altcoins are holding in the green, such as Pundi X (up 26%), BitTorrent (up 5%), and Filecoin (up 10%).

gold-colored Bitcoin

Image Source: Unsplash

Institutional and retail demand for Bitcoin is growing

The Cboe Global Markets Inc., through its Chief Executive Officer Ed Tilly, reckons interest in Bitcoin and other cryptocurrency products is growing. The Chicago-based exchange shut down its Bitcoin futures product two years ago but eyes another comeback due to the demand from institutions and retail investors. Till told Bloomberg via a phone call:

We're still interested in the space; we haven't given up on it.

We're keen on building out the entire platform. There's a lot of demand from retail and institutions, and we need to be there.

Meanwhile, Bitcoin struggles to sustain price action above $52,000. Its immediate upside is limited by the 200 Simple Moving Average (SMA) on the 4-hour chart. If support at $51,500 is shattered, the bellwether cryptocurrency may freefall under $50,000 and extend the bearish leg to $46,000.

The Moving Average Convergence Divergence (MACD) indicator has a bearish impulse. The MACD line (blue) crossed below the signal line, adding credibility to the pessimistic outlook.

(Click on image to enlarge)

BTC/USD 4-hour chart

BTC/USD 4-hour chart

Ethereum rebounds from key support

Ether is trading marginally under $1,600 amid the bulls' persistent push to sustain the uptrend toward $2,000. Immediate resistance at the 50% Fibonacci level must come down and validate the rest of the journey. In the meantime, support at $1,540, highlighted by the 38.2% Fibo, must also hold to ensure market stability. This will allow bulls to shift their attention to other critical levels, such as the 200 SMA at $1,700, the seller congestion at $1,800 and $2,000, respectively.

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Disclaimer: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only ...

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