Bitcoin hitting resistance around $64,000

BITCOIN took another run at the $64,000 mark yesterday, briefly pushing past $64,500 before falling back to just below $63,780 this morning.

This marks the latest in a series of attempts to break through this critical resistance level, leaving traders wondering if a sustained move higher is possible.

Ethereum is tracking similarly, although it's slightly in the red compared to Bitcoin's modest gains.

The current market conditions mirror those seen since the Federal Reserve's rate cut last week, with crypto markets consolidating amid uncertainty about the next move. Meanwhile, altcoins like Chainlink are posting impressive gains, signalling some rotation within the crypto space.

On a global level, central banks are stepping in to inject liquidity into their economies. The South African Reserve Bank has joined the fray with its own rate cut, while China's central bank has introduced interest rate cuts and additional stimulus measures aimed at propping up the world's second-largest economy. With global liquidity increasing, many investors are asking: will risk-on assets like crypto and stocks benefit?

The macroeconomic backdrop suggests that while there are pockets of optimism, traders are cautious. As money flows back into the economy, all eyes will be on whether Bitcoin can break through $64,000 convincingly. 

‍

In the Markets

Total crypto market cap

$2.25 trillion (+1.29%)

‍

What Bitcoin did yesterday

Daily high $64,664 |  Daily low $62,740

‍

Bitcoin market capitalisation

$1.26 trillion (57.6% of market)

‍

Bitcoin 24-hour trading volume

$29 billion (+9.8%)

‍

SP500

+0.25%

‍

Fear and Greed Index

59 (Neutral) 

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)

50

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.

‍