Bitcoin lining up the crosshairs on $70,000

THE market rejected another push for the $70,000 Bitcoin price level yesterday, a ceiling the market leader hasn’t been able to sustain since the breakout rally on May 20. Bitcoin is trading around $68,900 this morning. 

While Bitcoin is moving mostly sideways, Ethereum is down by roughly 1%, with many younger cryptos also dipping deeper on the day. 

Perhaps unexpectedly, the Fear and Greed has nudged another 2 points deeper into Greed territory this morning. This comes as Bitcoin ETF inflows in the US seems to be on the up again, recording its fifteenth day of positive inflows, yesterday. More on this below. 

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In the Markets

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Total crypto market cap

$2.56 trillion (-0.39%)

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What Bitcoin did yesterday

Daily high $70,131 |  Daily low $67,616

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Bitcoin market capitalisation

$1.36 trillion (-0.29%)

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Bitcoin volume

$29 billion (+22%)

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CoinDesk Large Cap Select Index 

-0.34%

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. 

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SP500

+0.11%

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Fear and Greed Index

62 (Greed) 

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’s market dominance

54.60

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

Bitcoin Relative Strength Index (RSI)

50.41

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.