Bitcoin rebounds after testing lower levels

BITCOIN briefly dipped to $95,800 yesterday, testing lower support levels before bouncing back above $98,400 this morning.

Analysts cautioned that the journey beyond the psychological $100,000 milestone is unlikely to come without turbulence. A significant cluster of sell orders at or near $100,000 has created a technical resistance zone, which could test the resolve of bullish traders.

The key question now is can Bitcoin muster another push higher this week?

Among altcoins, The Sandbox (SAND) stole the spotlight overnight with a 19% surge, while Avalanche (AVAX) and Fantom (FTM) also posted notable gains. Conversely, Stellar (XLM) and Algorand (ALGO) faced sharp pullbacks, underscoring the uneven performance in the broader market.

Much of this activity has mirrored Bitcoin’s volatility, with a downward move briefly shaking sentiment before the rebound restored some confidence.

The Fear and Greed Index remains firmly in 'Extreme Greed', reflecting the market's heightened enthusiasm as we approach the year-end.

The so-called "Trump trade" continues to dominate narratives, with market watchers speculating whether Bitcoin will crack the $100,000 barrier in the days ahead. 

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In the Markets

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🌦️The Data...

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Total crypto market cap

$3.35 trillion (-0.47%)

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What Bitcoin did yesterday

Daily high $98,553 |  Daily low $95,802

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Bitcoin market capitalisation

$1.94 trillion (57.7% of market)

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Bitcoin 24-hour trading volume

$55.2 billion (+28%)

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SP500

+0.35

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Fear and Greed Index

Extreme Greed

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Source: Coinmarketcap

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)

57.8

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…

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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