Bitcoin steadying the line above key $70,000 level as crypto markets settle

CRYPTO markets seem to have consolidated after a price surge earlier this week. Bitcoin is maintaining a line above $70,000 - a key level that has been rejected several times in recent weeks.

Ethereum is in positive territory this morning after a few days in the red, while the rest of the market has shown minimal movement over the past 24 hours, with slight gains or losses.

In global economic news, it is widely expected that the European Central Bank will trim interest rates today. This would be the first rate cut by the bank since 2019, but analysts say the bank will continue to move ahead cautiously. 

In the Markets

‍

Total crypto market cap

$2.63 trillion (-0.22%)

‍

What Bitcoin did yesterday

Daily high $71,744 |  Daily low $70,397

‍

Bitcoin market capitalisation

$1.39 trillion (-0.39%)

‍

Bitcoin volume

$28.15 billion (-24.5%)

‍

CoinDesk Large Cap Select Index 

-0.07%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies and gives a general indication of the overall performance of the crypto market. 

‍

SP500

+1.18%

‍

Fear and Greed Index

66 (Greed) 

The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.

‍

Bitcoin’s market dominance

54.53

The Bitcoin Market Dominance indicator measures the percentage of total cryptocurrency market capitalisation represented by Bitcoin at a given time.

‍

Bitcoin Relative Strength Index (RSI)

59.83

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.