Bitcoin still trying to find support above $60,000

AFTER weeks of flirting with the $60,000 threshold, Bitcoin has broken above it before pulling back once again as the market continues to drift sideways.

While altcoins remain largely stagnant, Bitcoin's movement comes as markets eagerly await today’s big event - the Federal Reserve Bank’s decision on interest rates.

Market commentators expect Jerome Powell and his team to announce a rate cut, with most analysts debating whether the reduction will be by 25 basis points or a more aggressive 50. Optimism has ticked up, as shown by the recent rise in the Fear and Greed Index and moving averages flickering a buy signal.

The big question is whether investors have priced in the cut, and other questions remain over how markets will react, especially if Powell surprises with a 50 basis points cut. Eyes are on the market close today to see how this pivotal decision will impact crypto and broader financial markets.

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In the Markets

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Total crypto market cap

$2.08 trillion (+2.23%)

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What Bitcoin did yesterday

Daily high $60,755 |  Daily low $59,911

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Bitcoin market capitalisation

$1.19 trillion (58.49% of market)

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Bitcoin 24-hour trading volume

$39.1 billion (+39%)

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SP500

+0.02%

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Fear and Greed Index

45 (Fear) 

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)

54

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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