Another page turned as Bitcoin looks to have found support above $63,000

IS Bitcoin riding like the wind or sailing calm waters? Fans of Christopher Cross will at least have something to enjoy from that reference, but otherwise it was an uneventful day in the markets with little entertainment for the neutral.

Only Cardano and Polkadot stirred from their slumber long enough to post gains of more than 1%, with both up around 5% over the past 24 hours. 

The big economic news yesterday was an announcement by the People's Bank of China (PBOC) that it was launching a major package of measures aimed at reviving the country's flagging economy, including cutting the reserve requirement ratio for mainland banks by 50 basis points.

Stocks jumped on the news, but crypto’s meandering performance contrasts sharply with the market’s response to US interest rate changes. 

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In the Markets

Total crypto market cap

$2.23 trillion (+0.24%)

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What Bitcoin did yesterday

Daily high $64,733 |  Daily low $62,628

Bitcoin market capitalisation

$1.25 trillion (56.3% of market)

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Bitcoin 24-hour trading volume

$26.92 billion (+6%)

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SP500

+0.28%

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Fear and Greed Index

51 (Neutral) 

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)

63.5

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…

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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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