Bitcoin continues to yawn across familiar range

BITCOIN continues to shed value gradually over the past seven days as the market shows little sign of significant movement.

This morning, the leading cryptocurrency by market cap trades around $56,300, stuck in a familiar range between $55,000 and $60,000.

Despite occasional flushes beyond $60,000, the broader trend remains lacklustre, with no clear catalysts to jolt the market.

Ethereum mirrors Bitcoin's lethargy, following a similar trajectory. Uniswap and Aave are notable exceptions over the longer term, posting gains on both a weekly and monthly basis.

Looking ahead, investors across finance, including crypto traders, are laser-focused on today’s US jobs report. Some economists argue that if the data disappoints, the Federal Reserve could respond with a bold 50 basis point rate cut in its upcoming 18 September meeting.

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In the Markets

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Total crypto market cap

$1.98 trillion (-0.92%)

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What Bitcoin did yesterday

Daily high $58,318 |  Daily low $55,744

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Bitcoin market capitalisation

$1.11 trillion (57.39 of market)

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Bitcoin 24-hour trading volume

$30 billion (-2.14%)

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SP500

-0.3%

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Fear and Greed Index

22 (Extreme Fear) 

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)

43

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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