ALGO and Aave recover losses, while Bitcoin retests $90k

CRYPTOCURRENCIES have shown some resilience, recovering ground after several days in the red.

ALGO and AAVE are currently leading the way, each surging by more than 10% this morning, while FTM, LINK, and NEAR have also posted gains.

Bitcoin tested the critical $90,000 level but found support, climbing to $93,780 where it currently resides. Ethereum is up 1.8% over 24 hours.

Despite recent volatility, the Fear and Greed Index continues to signal 'Extreme Greed', reflecting sustained bullish sentiment. However, Bitcoin exchange-traded funds (ETFs) reported notable outflows, hinting at short-term profit-taking.

Galaxy Digital CEO Mike Novogratz weighed in, suggesting these moves were tied to 2024 investors who bought above $56,000, calling it "normal profit-taking”.

While Bitcoin appears to have entered a consolidation phase, moving sideways with a slight upward movement, the broader market is showing signs of recovery, fuelled by rising altcoin momentum.

As sentiment remains heated, all eyes are on whether Bitcoin can maintain its footing and support further market gains.

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In the Markets

🌦️The Data... 

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Total crypto market cap

$3.16 trillion (-5.32%)

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What Bitcoin did yesterday

Daily high $$94,614  |  Daily low $90,752

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Bitcoin market capitalisation

$1.85 trillion (57.4% of market)

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Bitcoin 24-hour trading volume

$90.69 billion (+6.9%)

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SP500

+0.57%

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Fear and Greed Index

Extreme Greed

Source: Coinmarketcap

The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.

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Bitcoin Relative Strength Index (RSI) (14)

53

Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.

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Post Script…

Cautionary Notes

It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.

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