Bitcoin pulls back on the reins after finding stiff resistance below $44,000

The Digital Commonwealth daily brief…

A ROBUST wall of resistance around $44,000 has halted Bitcoin’s upward progress this morning.

The original cryptocurrency had been enjoying a barnstorming couple of weeks, barging through everything in its path.

However, no less than six attempts to fully breach $44k and hold ground above that line have thus far failed, with Bitcoin now regrouping around $44,700 with a noticeable drop in 24-hour trading volume of 17%.

Second fiddle Ethereum is meanwhile leaving a steady upward vapour trail as it gains incremental ground daily and weekly. Ether this morning stands at $2,314 — up 2% in 24 hours, 1.5% over the week, and 15% in a month.

Elsewhere today, almost all large-cap altcoins are sporting gains between one and two per cent.

It’s the Friday before Christmas, and in normal circumstances you’d be forgiven for expecting everything to be quiet. But, this is crypto, and there isn’t an analyst out there who doesn’t find the calm in the market a little suspicious.

Will we see a weekend flurry of trading activity? We’ll know about 3pm today to see what kind of mood traders in the US are in ahead of the weekend.

In the Markets

Total crypto market cap

🔻 $1.62 trillion

🔺4.25%

What Bitcoin did yesterday

🔺 Daily high $44,162

🔻 Daily low $43,400

Bitcoin market capitalisation

🟠 BTC $672.406 billion

🟡 Gold $13.8 trillion

Fear and Greed Index

Bitcoin’s market dominance

52.87

Relative Strength Index (RSI)

65.2

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.