Bitcoin kicked back after pushing hard on $64,000

YESTERDAY saw Bitcoin edge through key resistance levels, briefly touching $64,500 before sliding back to $62,4500 this morning.

This leaves the market leader down by almost 2% overnight, as bulls were once again unable to break through this ceiling – similar to earlier attempts in the month.

Ethereum is mirroring Bitcoin’s moves, while most other major coins are also in the red. Tron and Fantom stand out, posting modest gains over 24 hours.

Analysts attribute much of the market's hesitation to broader financial uncertainties. In particular, questions loom over the Fed’s future interest rate strategy and potential changes in China’s monetary policy.

Investors will be closely monitoring economic data from the Fed this week to gauge the likelihood of another rate cut in November. For now, most crypto indicators are flashing sell signals, but any significant developments could quickly change the outlook.

In the Markets

‍

Total crypto market cap

$2.16 trillion (-2.26%)

‍

What Bitcoin did yesterday

Daily high $64,449 |  Daily low $62,175

Bitcoin market capitalisation

$1.2 trillion (58.12% of market)

‍

Bitcoin 24-hour trading volume

$33 billion (+62%)

‍

SP500

-0.96%

‍

Fear and Greed Index

49 (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)

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.

‍