Bitcoin looking for support in effort to hold above $43,000
THE price of Bitcoin continues to look for a support line around $43,000 after dipping below this key level at the end of January.
The market leader by market cap is up by almost 2% on yesterday, reflecting the general positive sentiment creeping back into crypto markets as we head into the weekend.
Most large-caps are in the green this morning, notably Chainlink which has returned 14% in the last 24 hours and 30% over seven days. Avalanche and Solana are also among the big movers of the day.
Looking to the global economy, Fed Chair Jerome Powell announced on Wednesday plans to keep interest rates unchanged in this cycle. He added that while rates will come down eventually, investors shouldn’t expect it any time soon.
In the Markets
Total crypto market cap
$1.65 trillion (+2.22%)
What Bitcoin did yesterday
Daily high $43,263 | Daily low $41,890
Bitcoin market capitalisation
$843 billion (+2.28%)
Bitcoin volume
$19 billion (-23%)
SP500
+1.25%
Fear and Greed Index
57 (Neutral)
Bitcoin’s market dominance
52.56
The Bitcoin Market Dominance indicator measures the percentage of total cryptocurrency market capitalisation represented by Bitcoin at a given time.
Relative Strength Index (RSI)
57
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.
