Bitcoin demonstrates resilience amid global economic uncertainty

BITCOIN has bounced off its key support level of $60,000 twice in the past two days, demonstrating some resilience in the face of global financial market volatility.

Renewed tensions in the Middle East continue to weigh on sentiment, say analysts. The market-cap leader is currently trading around $60,300.

Ethereum, however, remains under pressure, down by over 4% and trading near $2,370, while altcoins like Fantom and Uni have seen continued deep sell-offs overnight.

XRP has also taken a hit, dropping in price by more than 10% as the Securities and Exchange Commission (SEC) appealed a court ruling that was seen by many in crypto as favouring Ripple, allowing the company to pay minimal fines for its violations of securities laws. 

With Bitcoin holding steady, investors are now questioning whether its consolidation will provide some stability to altcoin markets, which remain volatile. As geopolitical and regulatory pressures continue, traders are cautious but watching for signs of a broader consolidation.

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In the Markets

Total crypto market cap

$2.12 trillion (-1.16%)

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What Bitcoin did yesterday

Daily high $62,339 |  Daily low $60,002

Bitcoin market capitalisation

$1.20 trillion (58.1% of market)

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Bitcoin 24-hour trading volume

$40.1 billion (-20%)

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SP500

-0.01%

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Fear and Greed Index

37 (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)

61

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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