The Digital Commonwealth daily brief…

December 21, 2023

Bitcoin takes on $44,000

The Digital Commonwealth daily briefing…

BITCOIN broke out of its sideways movement yesterday to make a serious assault on $44,000 — a line it successfully breached twice before camping out at $43,800 this morning.

BITCOIN broke out of its sideways movement yesterday to make a serious assault on $44,000 — a line it successfully breached twice before camping out at $43,800 this morning.

It’s a strikingly similar pattern to how the flagship cryptocurrency took $41k, $42k and also yesterday’s successful claim on $43,000. Each time breaching the line of resistance two or three times with conviction but, instead of charging onwards and upwards, withdrew and regrouped a couple of hundred dollars shy of its main target.

It will, no doubt, leap $44k and withdraw again before making a move.

Interesting point to note is Bitcoin’s 24-hour trading volume. BTC scaled its last two support lines with little or no increase in trading volume whatsoever.

This one is different, though. It punched through $44k and settled back at $43.8 with a 38% rise to $29.3bn in 24hour in trading volume.

Plenty of analysts will tell you that’s a sure sign of something building. But, also, plenty will tell you that’s a sure sign of overreach.

Either way, Bitcoin is looking playful as we head towards the Christmas weekend, and it’s sure to take the market with it.

Cardano’s ADA is the one currently matching Bitcoin step-for-step as it moves upward on $0.61.

Ethereum, on the other hand, is going out of its way to stay out of step. At $2,249, ETH is shimmying along a slight inline of little more than one per cent. Is it holding back?

Answers will no doubt be revealed this afternoon when the US wakes up.

In the Markets

Total crypto market cap

🔻 $1.65 trillion

🔺2.55%

What Bitcoin did yesterday

🔺 Daily high $44,324

🔻 Daily low $42,266

Bitcoin market capitalisation

🟠 BTC $860.190 billion

🟡 Gold $13.739 trillion

Fear and Greed Index

Bitcoin’s market dominance

53.5

Relative Strength Index (RSI)

66.03

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…

Jamie Bartlett on X: “I have two entries in the Top Ten!!! Time to open the Bucks Fizz! #averybritishcult #believeinmagic” / X (twitter.com)
(1) Coach K Crypto on X: “This is quite possibly one of the biggest partnerships in the crypto industry! @Vodacom has over 100 million customers! This is a big deal @WorldMobileTeam $WMT are under your nose becoming one of the most valuable projects in the entire crypto space!” / X (twitter.com)
David Bailey🇵🇷 redeemGBTC.com on X: “When bitcoin goes to $200k, fees are going to 2000 sats/vB That’s roughly $500 to send an onchain transaction… Are you prepared?” / X (twitter.com)

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.