Bitcoin's upward momentum back on after brief overnight pause

BITCOIN'S price slipped 0.5% overnight after posting a yearly high of $50.3K yesterday, with Ethereum and many of the other large-caps following a similar pattern. 

But this morning's crypto alarm clock was clearly set for an early rise as the markets jolted back into action. In a wild 10-minute spell, BTC spiked to $51,708 from $49,893 before swooping back to $49,770. The quickfire volatility then gave way to a steady rise towards $51,500 where it currently resides.

US Stocks retreated yesterday following the latest inflation numbers from the US, which came in higher than expected. Analysts say it could mean the Federal Reserve Bank in the US will wait a bit longer before considering rate cuts. 

Crypto technical indicators still remain strong. The Fear and Greed Index is still reflecting appetite in the markets, while the moving averages are showing a buy signal.

‍

‍

In the Markets

‍

Total crypto market cap

$1.87 trillion (-0.05%)

‍

What Bitcoin did yesterday

 Daily high $50,326 |  Daily low $48,398

‍

Bitcoin market capitalisation

$977 billion (-0.5%)

‍

Bitcoin volume

$34 billion (+11.8%)

‍

SP500

-1.37%

‍

Fear and Greed Index

71 (Greed) 

‍

Bitcoin’s market dominance

53.79

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

‍

Relative Strength Index (RSI)

69.54

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.

‍

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.