Price Analysis 4/22: BTC, ETH, BNB, XRP, SOL, ADA, LUNA, AVAX, DOGE, DOT

Bitcoin and altcoins continue to bounce off underlying support areas, increasing the likelihood that a sharp move down could occur.

The U.S. dollar currency index (DXY) turned down sharply after rising above 101 on April 20 but this weakness in the dollar has not helped Bitcoin (BTC), possibly because the S&P 500 is struggling to build upon its strong rally on April 19. This indicates that Bitcoin remains tightly correlated with the U.S. equity markets.

Irrespective of the lackluster price action, research projects several positives for Bitcoin this year. A report by Insider Intelligence shows that the number of adult crypto users in the U.S. could surge from 28.3 million in 2021 to 33.7 million in 2022. Along with the growth in the number of crypto users, the firm also expects the use of cryptocurrencies to make purchases by U.S. adults to increase to 3.6 million, a growth of 70% this year

Daily cryptocurrency market performance. Source: Coin360
BTC/USDT daily chart. Source: TradingView
ETH/USDT daily chart. Source: TradingView
BNB/USDT daily chart. Source: TradingView
XRP/USDT daily chart. Source: TradingView
SOL/USDT daily chart. Source: TradingView
ADA/USDT daily chart. Source: TradingView
LUNA/USDT daily chart. Source: TradingView
AVAX/USDT daily chart. Source: TradingView
DOGE/USDT daily chart. Source: TradingView
DOT/USDT daily chart. Source: TradingView

 

Source: Cointelegraph

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