Bitcoin's drive to $60,000 hits the buffers as $59k is rejected ahead of today's US CPI 

YESTERDAY'S price bounce was short-lived as Bitcoin investors lacked the confidence to push the flagship digital asset past $59,000, and potentially onward to $60,000.

Bitcoin is trading around $58,260 this morning, while Ethereum has inched up by 1% to roughly $3,130. Notable movers include Avalanche (-4%), Aave (+3%) and Cardano (2.5%).

It's a significant day for economic announcements, with the latest US CPI numbers expected later today. Economists surveyed by Dow Jones anticipate a 0.1% rise in CPI from May and a 3.1% increase from the same month last year. These figures could bolster expectations for the Federal Reserve to cut interest rates in the coming months. How will the markets react?

In the Markets

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Total crypto market cap

$2.13 trillion (-.43%)

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What Bitcoin did yesterday

Daily high $59,393 |  Daily low $57,185

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Bitcoin market capitalisation

$1.14 trillion (-1.52%)

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Bitcoin volume

$24.9 billion (-11.8%)

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CoinDesk Large Cap Select Index 

-1.41%

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. 

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SP500

+1.02%

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Fear and Greed Index

40 (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’s market dominance

54.69

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

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Bitcoin Relative Strength Index (RSI)

47.44

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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