Bitcoin fighting for a foothold above $57,000

BITCOIN lost the battle for $60,000 in the early hours of this morning, slipping to $57,500 in the last hour.

However, some support appears to be coming out of the shadows to prop up the current price, even lifting Bitcoin by 1% to $57,600 - despite being down more than 6% overnight.

Ethereum is also feeling the pain of the current bearish mood with a 24-hour drop of 5% to $2,888 in the last hour.

The leading cryptocurrencies are dictating much of the narrative across the board with almost all altcoins also displaying red - with several even in a double-digit decline.

Polkadot appears to be bucking the day's trend, though, and up by more than 2% to %6.48.

In the Markets

‍

Total crypto market cap

$2.23 trillion (-6.87%)

‍

What Bitcoin did yesterday

Daily high $64,703 |  Daily low $59,120

Bitcoin market capitalisation

$1.12 trillion (-7.75%)

‍

Bitcoin volume

$45.36 billion (+61.14%)

‍

CoinDesk Large Cap Select Index 

-5.31%

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

-1.57%

‍

Fear and Greed Index

54 (Neutral) 

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

54.36

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

‍

Relative Strength Index (RSI)

26.16

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.