Bitcoin makes a half-hearted break for $60,000

BITCOIN managed to recover some of the week's losses, briefly trading above $60,000 yesterday before encountering a rejection that left the market cap leader hovering around $59,600 - kind of where it was before.

This continues a broader downward trend that began after Bitcoin reached an all-time high of approximately $73,000 in March. Ethereum slipped 1% overnight, and most other cryptocurrencies saw declines of 1-3% over the past 24 hours. 

Beyond ongoing chatter about the SEC's regulatory pressure on US crypto markets, no major news events seem poised to move the market significantly. With the next round of US economic indicators still over a week away, all eyes are on September 18, when the Fed is widely expected to cut rates for the first time in years, a move that could have significant implications for the market.

In the markets

Total crypto market cap

$2.09 trillion (-0.73%)

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What Bitcoin did yesterday

Daily high $61,150 |  Daily low $58,807

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Bitcoin market capitalisation

$1.17 trillion (57.40% of market)

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Bitcoin 24-hour trading volume

$33.2 billion (-7.6%)

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SP500

-0.00%

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Fear and Greed Index

34 (Fear) 

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 Relative Strength Index (RSI)

47.4

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.

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