New all-time high comes into view as Bitcoin continues upward movement

RED candles are scarce this morning, as Bitcoin's price has surged over 3% overnight, now trading at approximately $71,000. Some analysts highlight $72,000 as a critical level that could trigger a short squeeze, forcing investors who bet against Bitcoin to buy back at higher prices, driving the price up even more.

Ethereum is also in positive territory, trading around $3,800. All cryptocurrencies on the Luno platform are up this morning, with notable movers including Solana (+4%) and Uniswap (+17%).

As the Fear and Greed Index continues to rise deeper into 'Greed', Bitcoin exchange-traded funds in the US experienced the second-highest day of capital inflows since their launch in January. Will we see a new all-time high this week?

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In the Markets

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Total crypto market cap

$2.64 trillion (+3.24%)

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What Bitcoin did yesterday

Daily high $71,034 |  Daily low $68,564

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Bitcoin market capitalisation

$1.4 trillion (+3.2%)

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Bitcoin volume

$37.2 billion (+27.5%)

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CoinDesk Large Cap Select Index 

+2.7%

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

+0.15%

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Fear and Greed Index

65 (Greed) 

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

54.59

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)

50.14

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.