Bitcoin double tops achingly close to a new ATH
🟧 Bitcoin stalls at $110K - coming to its all-time high of $111,200.
📉 Altcoins hit harder - After big gains the day before, many alts saw deep drawdowns in typical volatile fashion.
📊 Hot US jobs data - Stronger-than-expected numbers may delay Fed rate cuts, adding pressure to markets.
🏛️ ‘Crypto Week’ ahead - US lawmakers will debate key crypto bills starting 14 July, including stablecoins and CBDCs.
Bitcoin came achingly close yesterday to clinching a new all-time high, but the market had other ideas as bears took profits around the $110,000 level. Keep in mind that the BTC all-time high currently sits around $111,200. Ethereum (ETH) and others also gave up some profits from the previous day’s trading. Some pulled back more than others, especially altcoins that saw price surges the previous day, registering deeper drawdowns and continuing the trend of higher spikes and deeper dips compared to the larger caps.
US jobs numbers came in hotter than expected yesterday, perhaps not exactly what equity and crypto investors were hoping for, and this may give Fed Chair Jerome Powell further reason, and justification, to keep a steady hand on interest rates until later in the year
In regulatory news, US lawmakers have designated the week of 14 July as “Crypto Week,” when the House will consider a stablecoin bill, a broader crypto market structure bill, and another focused on central bank digital currencies (CBDCs).
As we head into the weekend, is Bitcoin in a position to sneak a new all-time high? The market cap leader twice tagged the $110K level yesterday before pulling back, a so-called double-top pattern, which in trading circles could suggest the market is not quite confident enough to push the price past that ceiling. Is it temporary, or the start of a longer trend?
In the markets…
🌍 Total crypto market cap ↘️
The global crypto market cap is approximately $3.35 trillion, up 1.24% over the past 24 hours.
🟠 Bitcoin (BTC) ↘️
Price: $108,679, down 0.74% in the last 24 h
Daily high: $110,386
Daily low: $108,663
📈 S&P 500 ↗️
SPY is currently up about 0.83% since yesterday’s close.
😐 Fear & Greed Index
The Crypto Fear & Greed Index stands at 55/100, indicating a neutral sentiment among investors.
📊 Bitcoin Relative Strength Index (RSI) (14)
The 14-day RSI for BTC is approximately 39, still in the neutral zone (30–70).
Data is accurate as at 08:28 GMT, 4 July.
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.
