Bitcoin breaks $64,500 resistance line and eyes up $65k
BITCOIN saw a near 2% increase overnight, pushing it well above $64,000 this morning, marking a significant jump from last week's lows of around $60,000. Ethereum followed closely, rising to above $2,500, as broader market sentiment improves.
Younger cryptocurrencies are also showing notable gains. The Graph and Aave led the way with more than 5% returns in the last 24 hours, outpacing the major market-cap leaders.
The Fear and Greed Index, which was in 'Fear' territory at 32 last Friday, has jumped to 48 ('Neutral') to start the week. Other momentum indicators, such as moving averages, are signalling a more positive outlook as well.
However, Bitcoin’s next challenge lies at the $64,500 resistance level, a price ceiling it’s struggled to break for the past few weeks, particularly since its last attempt in late September. With momentum building, all eyes are on whether this latest rally can sustain and break through to new highs.
In the Markets
Total crypto market cap
$2.23 trillion (+1.72%)
What Bitcoin did yesterday
Daily high $63,284 | Daily low $62,054
Bitcoin market capitalisation
$1.27 trillion (57.99% of market)
Bitcoin 24-hour trading volume
$24.7 billion (+54%)
SP500
+0.61%
Fear and Greed Index
32 (Fear)
The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.
Bitcoin Relative Strength Index (RSI)
68
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.
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.
