Bitcoin meets resistance below $70k while Mt Gox moves the markets

BITCOIN and Ethereum prices dropped by over 1% overnight, with many other cryptocurrencies also dipping. Investors rejected the $70,000 price level for Bitcoin yesterday, while Solana is holding onto some overnight gains, and Chainlink is notably up by 5%. 

The crypto market seems to be taking a breather this morning, as evidenced by the market cap of the entire industry remaining virtually unchanged overnight.

In crypto news, around $9 billion worth of Bitcoin was moved to a single wallet this morning by defunct crypto exchange Mt Gox. Many believe this is part of the asset distribution process to creditors, which some analysts think could be adding selling pressure to certain crypto markets.

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In the Markets

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Total crypto market cap

$2.55 trillion (-0.9%)

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What Bitcoin did yesterday

Daily high $70,638 |  Daily low $68,275

Bitcoin market capitalisation

$1.13 trillion (-1.3%)

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Bitcoin volume

$29.8 billion (+60.8%)

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CoinDesk Large Cap Select Index 

-1.00%

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

+0.70%

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Fear and Greed Index

65 (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

53.8

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)

36.42

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.