Bitcoin stumbles over key level

BITCOIN broke through a new high for 2024 over the weekend as bulls pushed the price past $48,000.

However, despite touching $48,828 at half-past midnight, the momentum dropped away to see the market leader trading for around $47,990 this morning - still up by almost 12% over seven days. 

Ethereum continues to trade just below the key $2,500 level, with many of the younger cryptos seeing some drawdowns after last week’s market-wide rally. 

Taking a step back, most large-caps continue to show substantial returns over a week, with Bitcoin leading the pack. 

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In the Markets

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Total crypto market cap

$1.8 trillion (-0.40%)

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What Bitcoin did yesterday

 Daily high $48,531 |  Daily low $47,590

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Bitcoin market capitalisation

$944 billion (+0.02%)

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Bitcoin volume

$19.694 billion (+3.07%)

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SP500

+0.57%

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Fear and Greed Index

62 (Greed) 

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Bitcoin’s market dominance

53.99

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

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Relative Strength Index (RSI)

75

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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