Bitcoin sets up a showdown with $64,000 as crypto continues to rally

BITCOIN logged another green daily candle, notching gains alongside several other cryptocurrencies, such as Avalanche and Solana.

Ethereum is up more than 5% overnight. Bitcoin’s price briefly rose above the $64,000 threshold yesterday, though it quickly retreated to the $63,000 range, where it’s comfortably sitting this morning around $63,500. 

The market indicators, for now, seem pretty happy. Most moving averages are flashing strong buy signals, and the Fear and Greed Index has ticked upward to 54, which is just a whisper away from 'Greed' territory. 

Now, the question on everyone’s mind: Will this current rally fizzle out like the other ones this month? Or are we on the brink of something more substantial? 

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In the Markets

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Total crypto market cap

$2.21 trillion (+3.14%)

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What Bitcoin did yesterday

Daily high $63,849 |  Daily low $61,596

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Bitcoin market capitalisation

$1.25 trillion (58.03% of market)

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Bitcoin 24-hour trading volume

$41.3 billion (-11.7%)

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SP500

+1.7%

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Fear and Greed Index

54 (Neutral) 

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)

61

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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