Markets take a breather after yet another Bitcoin all-time high
CRYPTO markets are trending lower today following a week marked by consecutive Bitcoin all-time highs.
Analysts attribute the pullback to a mix of profit-taking after an extended rally and caution ahead of the Federal Reserve’s final interest rate decision of the year, expected later today.
Bitcoin is down 2% and more, while Ethereum (ETH) has declined by more than 3%.
Synthetix (SNX) and Fantom (FTM) are among those seeing steeper sell-offs.
Despite the dip, the Fear and Greed Index remains in ‘Extreme Greed’, though its sustainability may hinge on Fed Chairman Jerome Powell’s statements today regarding the 2024 economic outlook on monetary policy.
In the Markets
Total crypto market cap
$3.64 trillion (-2.28%)
What Bitcoin did yesterday
Daily high $108,135 | Daily low $103,353
Bitcoin market capitalisation
$2.06 trillion (-2.53%)
Bitcoin 24-hour trading volume
$78.36 billion (-1.76%)
SP500
-0.39%
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.
Bitcoin Relative Strength Index (RSI) (14)
37
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.
