Is Bitcoin lining up a move for an all-time high?
🚀 Bitcoin nears all-time high – BTC hit $107,844, just shy of its record $109,114
🟢 Altcoins rally – Jupiter (JUP), Apecoin (APE), Uniswap (UNI), and Cardano (ADA) are all seeing notable gains
📉 Markets diverge – Rising bond yields in the US and Japan pressure stocks, while crypto moves independently
BITCOIN (BTC) posted a daily high of $107,844 yesterday, edging closer to its all-time high of $109,114 set earlier this year.
Broader crypto markets are also in the green, with most of the momentum playing out among altcoins. Jupiter (JUP) is up more than 7%, while Apecoin (APE) has gained over 4%. Crypto stalwarts like Uniswap (UNI) and Cardano (ADA) have also posted notable gains.
This upbeat mood in crypto continues to mark a divergence from traditional markets. Analysts note that equities are under pressure amid growing economic uncertainty, particularly from the US and Japan, where long-term bond yields have spiked. This follows Moody’s downgrading of US credit rating by one notch late last week. Rising yields signal falling bond prices and potentially tighter financial conditions.
Analysis firms like 10X and Glassnode see signs of bullish momentum building, especially for Bitcoin.
“The market has encountered meaningful resistance between $102k and $105k, where it has been consolidating for the last two weeks,” Glassnode noted.
“Bitcoin is also trading approximately 40% higher over the last six weeks, highlighting how strong the market recovery has been.”
Will this momentum carry Bitcoin to a new all-time high this week, and will the rest of the crypto market follow?
In the markets…
🌍 Total crypto market cap ⬆️
The global cryptocurrency market capitalisation is approximately $3.37 trillion, reflecting a 1.17% increase over the last 24 hours.
🟠 Bitcoin (BTC) ⬆️
Price: Currently trading at around $106,484 marking a 1.4% increase in the last 24 hours.
Daily high: Approximately $107,844
Daily low: Approximately $104,386
📈 S&P 500 ⬇️
The S&P 500 index is down about 0.39% since yesterday.
🥳 Fear & Greed Index
The Crypto Fear & Greed Index currently stands at 68/100, indicating “Greed” among investors.
📊 Bitcoin Relative Strength Index (RSI) (14)
The RSI for Bitcoin is approximately 54, 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.
