Bitcoin closes in on $63,000 as crypto markets rally

BITCOIN'S price is up by more than 4% overnight, and trading above $62,700 this morning.

Ethereum is also in the positive, rising almost 5%, with many other cryptocurrencies following the same upward trend.

This weekend rally has pushed Bitcoin above its 200-day moving average again - an important indicator that helps investors assess long-term trends and potential support or resistance levels in its price movement.

Some analysts believe the assassination attempt on Donald Trump may be a key reason for the surge in crypto prices, as this weekend’s events could bolster his chances for re-election in November, and the former POTUS has repeatedly voiced support for crypto on the campaign trail.

‍

In the Markets

‍

Total crypto market cap

$2.11 trillion (-0.99%)

‍

What Bitcoin did yesterday

Daily high $59,404 |  Daily low $57,095

‍

Bitcoin market capitalisation

$1.12 trillion (-1.98%)

‍

Bitcoin volume

$28 billion (+14%)

‍

CoinDesk Large Cap Select Index 

-1.60%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies and gives a general indication of the overall performance of the crypto market. 

‍

SP500

-0.88%

‍

Fear and Greed Index

40 (Fear) 

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

‍

Bitcoin’s market dominance

54.54

The Bitcoin Market Dominance indicator measures the percentage of total cryptocurrency market capitalisation represented by Bitcoin at a given time.

‍

Bitcoin Relative Strength Index (RSI)

40

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.

‍