Price predictions 5/22: BTC, ETH, BNB, XRP, SOL, DOGE, HYPE, ADA, ZEC, BCH
Bitcoin sold off to $76,000, giving bears an opportunity to reclaim control of the crypto market. Meanwhile, altcoins like HYPE charted new highs.
Key points:
Bitcoin (BTC) has dipped below $77,000, indicating that the bears are attempting to seize control. Glassnode said the true market mean at $78,300 has historically acted as a dividing line between bear and bull market regimes. If the price breaks sharply below the level, it suggests that the recent rally may have been a “local top within the ongoing bear market.”
Institutional investors seem to be selling, as evidenced by the sharp decline in the Coinbase premium over the past few days. LVRG research director Nick Ruck told Cointelegraph that the decline of the Coinbase premium signals selling from large holders, which “could weigh on near-term price momentum across major crypto assets.”
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