Rally stalls as Bitcoin looks to rest on support above $62,000

BITCOIN has posted a red daily candle after a rally that sees the price of the market leader up by more than 20% over seven days.

The original cryptocurrency is trading around $62,100 this morning. Ethereum is down by 1%, changing hands for $3,431. 

There’s also a few green candles among the red. Solana is up 1.4% overnight, while Uniswap and Litecoin have also posted returns over 24 hours. 

In the world of traditional finance, Morgan Stanley - one of the largest investment managers in the world - is mulling the idea of adding Bitcoin spot ETFs on its broker-dealer platforms, which would open it up to more institutional investors. 

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In the Markets

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Total crypto market cap

$2.29 trillion (-1.98%)

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What Bitcoin did yesterday

 Daily high $61,869 |  Daily low $60,790

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Bitcoin market capitalisation

$1.21 trillion (-2.2%)

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Bitcoin volume

$54.93 billion (-41.54%)

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SP500

+0.52%

Fear and Greed Index

85 (Extreme Greed) 

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Bitcoin’s market dominance

54.47

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

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Relative Strength Index (RSI)

‍62.02

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.