Bitcoin bounces off yesterday’s low and circles key price level

THE price of Bitcoin bounced off a low of around $38,500 yesterday to circle the key $40,000 level. The market leader is up one per cent over 24 hours this morning. 

Ethereum continues to trade in the negative, and is down by 3.52%. Meanwhile, Solana has clawed back some ground after a significant sell-off the past week, with the smart contracts crypto returning 4% overnight. Polygon and Avalanche have also crept back into the green overnight. 

The Fear and Greed Index continues to reflect a neutral market following many weeks in 'Greed' - a sign of the current volatility in the markets. 

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In the Markets

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Total crypto market cap

$1.52 trillion (-5%)

What Bitcoin did yesterday

 Daily high $40,159 |  Daily low $38,546

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Bitcoin market capitalisation

$783.350 billion (+0.5%)

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Bitcoin volume

$31.032 billion (+6.27%)

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SP500

+0.29%

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Fear and Greed Index

50 (Neutral) 

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Bitcoin’s market dominance

51.81

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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 Simple Moving Average (50) 

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$43,009 Sell (TradingView)

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The Bitcoin Simple Moving Average (50) is a smoothed average of the recent 50 daily closing prices of Bitcoin, giving a clearer picture of its overall price trend over time. A "Sell" indicator could be due to the SMA crossing below another moving average, a specific price level breach, or other conditions defined by the particular strategy. The same applies to a “Buy” signal. 

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Relative Strength Index (RSI)

39

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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.

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