Cryptocurrencies Price Prediction: Bitcoin, Ethereum & Dogecoin – American Wrap 07 May

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Bitcoin price coils up for 20% climb, Standard Chartered forecasts more gains for BTC

Bitcoin (BTC) price remains devoid of directional bias, trading sideways as part of a horizontal chop. However, this may be short-lived as BTC price action consolidates in a bullish reversal pattern on the one-day time frame.

Ethereum uncertainty prevails, ETH products see inflows as SEC Chair waives off ETH classification question

Ethereum is hinting at a resumption of a sideways movement on Tuesday after seeing inflows for the first time in seven weeks. The Securities & Exchange Commission’s (SEC) Chair Gary Gensler has also called most crypto assets securities following a Wells Notice targeted at ETH-related firms.

Dogecoin price could climb 15% before investors worry about sell-off

Dogecoin (DOGE) price shows signs of a potential reversal on a higher timeframe picture. However, in the short term, it could trigger a quick impulse move to the upside.

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FXStreet Team

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Ripple nears lifeline support as macro risks intensify

Ripple continues to face significant selling pressure, sliding below $1.10 at the time of writing on Wednesday. This decline mirrors the broader weakness in the crypto market, exacerbated by mounting macroeconomic headwinds and persistent geopolitical uncertainties.

Crypto Today: Bitcoin, Ethereum, XRP trade under pressure as September Fed rate-hike odds increase

Bitcoin is trading between $62,000 and $63,000 at the time of writing on Wednesday, weighed down by headwinds stemming from macroeconomic uncertainty and geopolitical tensions in the Middle East, especially as the US and Iran continue to offer conflicting accounts of the nuclear discussions.

Cardano vulnerable to deeper losses amid SecondFi exploit

Cardano price hovers below $0.1500 at press time on Wednesday, extending a refreshed bearish impulse move of over 20% in the last nine days. The exploitation of the Cardano ecosystem’s SecondFi wallet-generation software, resulting in a loss of about 16 million ADA, weighs on retail strength.

Bitcoin struggles as institutional demand remains weak

Bitcoin remains under pressure, trading around $62,700 on Wednesday after losing 2% the previous day. Persistent institutional selling, with spot Exchange Traded Funds (ETFs) recording outflows on Tuesday, continues to weigh on BTC.

Bitcoin: Recovery hopes fade after the Fed spoils the party

Bitcoin (BTC) is set to end the week in the red, trading near the 200-Week Simple Moving Average (SMA) at around $62,300 on Friday. Institutional selling persists, capping BTC’s recovery as spot Exchange Traded Funds (ETFs) point to a sixth consecutive week of outflows.