Crypto markets pull back as Bitcoin battles to hold ground above $101,000
📉 Market pullback – Bitcoin down 1.9%, Ethereum slides 4% as crypto cools.
💸 Profit-taking signals – Dip in trading volumes points to cooling momentum.
📅 Macro watch – Eyes on US PPI data for clues on Fed policy direction.
CRYPTO markets are seeing red this morning following a week of strong gains.
Bitcoin (BTC) has slipped 1.87% over 24 hours, while Ethereum (ETH), which had been leading recent upside action, has declined by 4%.
Losses deepen further down the market cap rankings, with coins like Pyth Network (PYTH) and Celestia (TIA) each down over 10%. The declines follow a sharp rally that pushed BTC past $105,000 earlier in the week, prompting profit-taking as trading volumes ease. Despite the pullback, Bitcoin remains above the key $100,000 psychological level, with resistance forming near $105,000. Whether the rally resumes may depend on the next market catalyst.
Traders are now looking ahead to today’s US Producer Price Index (PPI) report, a data point that could sway expectations for the Federal Reserve’s next move on interest rates.
In the markets…
🌍 Total crypto market cap ⬇️
The global cryptocurrency market capitalisation is approximately $3.27 trillion, reflecting a 2.71% decrease over the last 24 hours.
🟠 Bitcoin (BTC) ⬇️
Price: Currently trading at around $101,906 marking a 1.16% decrease in the last 24 hours.
Daily high: Approximately $104,156
Daily low: Approximately $101,971
📈 S&P 500 ⬆️
The S&P 500 index is up about 0.1% since yesterday.
🥳 Fear & Greed Index
The Crypto Fear & Greed Index currently stands at 71/100, indicating “Greed” among investors.
📊 Bitcoin Relative Strength Index (RSI) (14)
The RSI for Bitcoin is approximately 29, with 70 and above indicating an overbought position, while 30 and below indicates that the asset is oversold.
Post Script…
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.
