Is Bitcoin shaping for another crack at $100k?

BITCOIN reached a daily high of $97,360 yesterday, recovering from earlier-week losses that swept across the crypto market.

The rally injected fresh momentum into altcoins, with Uniswap and Aave among the standout performers. Ethereum joined the recovery, climbing more than 5% on the day.

While profit-taking shaved some gains off the highs, most cryptocurrencies are back in the green, shrugging off the sell-offs that dampened sentiment earlier in the week.

Bitcoin’s recent resilience raises a pivotal question: is the market leader building the foundation for another attempted push beyond the elusive $100,000 mark, or is this rebound merely setting the stage for further downside?

The market’s mood remains charged, with elevated trading volumes and investors focus squarely on Bitcoin’s next move. Whether this rally solidifies or falters, it’s clear the crypto narrative remains unpredictable and exciting as the year nears its end.

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In the Markets

🌦️The Data... 

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Total crypto market cap

$3.23 trillion (+2.82%)

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What Bitcoin did yesterday

Daily high $97,360  |  Daily low $92,907

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Bitcoin market capitalisation

$1.89 trillion (57.05% of market)

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Bitcoin 24-hour trading volume

$70.6 billion (+21.3%)

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SP500

-0.38%

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Fear and Greed Index

Extreme Greed

‍Source: Coinmarketcap

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) (14)

51.8

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…

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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