Pre-weekend sell-off pushes Bitcoin below $70k

BITCOIN is currently trading around $69,400 after a sell-off on Friday pushed the price below $70,000. Prior to this, the market leader by market cap appeared strong and looked poised to break past the $72,000 level.

Some analysts attribute the market rout to strong US jobs numbers reported on Friday, which may pressure the Federal Reserve to delay rate cuts until later in the year. Bitcoin's price seems to have consolidated since then.

Ethereum and other cryptocurrencies also declined on Friday and have shown little movement since in this choppy market.

This week's economic calendar is packed. May’s Consumer Price Index (CPI) numbers are expected on Wednesday, along with the Fed’s interest rate announcement. Analysts anticipate these events will add some volatility to financial markets.

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In the Markets

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Total crypto market cap

$2.53 trillion (-0.3%)

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What Bitcoin did yesterday

Daily high $69,847 |  Daily low $69,136

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Bitcoin market capitalisation

$1.37 trillion (+0.2%)

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Bitcoin volume

$15.4 billion (+20.88%)

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CoinDesk Large Cap Select Index 

-2.44%

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

-0.11%

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Fear and Greed Index

61 (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

55.52

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)

62.67

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.