Bitcoin slapped back from $60,000 line

BITCOIN reached a daily high of approximately $60,800 yesterday before facing resistance and pulling back below the critical $60,000 level.

The leading cryptocurrency is trading around $59,325 this morning. This marks the second time this week that Bitcoin has tested and failed to hold this key level.

Ethereum experienced a brief surge before dipping 2% overnight. The broader crypto market presents a mixed picture today, with some assets rallying. Polygon and Avalanche are both up more than 5%, while Cardano has gained 3%. However, most of the market-cap heavyweights are trading in the red.

In the wider economy, all eyes are on the upcoming release of the Fed minutes from the July FOMC meeting, expected later today, which could offer insights into potential rate cuts in September.

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In the Markets

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Total crypto market cap

$2.11 trillion (-1.7%)

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What Bitcoin did yesterday

Daily high $61,331 |  Daily low $58,612

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Bitcoin market capitalisation

$1.77 trillion (56.93% of market)

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Bitcoin 24-hour trading volume

$26.8 billion (-7.82%)

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SP500

-0.2%

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Fear and Greed Index

26 (Fear) 

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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)

52

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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