Is Bitcoin primed to reclaim $60,000?

July 10, 2024
James Bowater

THE price of Bitcoin has climbed almost 2% overnight, trading just above $55,500 this morning. Ethereum continues to hover around the $3,080 level, while most other cryptocurrencies are also moving sideways.

The Fear and Greed Index has returned to 'Neutral' after a few days in 'Fear', as uncertainty around the Mt Gox repayments and Germany’s digital asset sales seems to have settled. However, some analysts warn that while initial investor fears have calmed, volatility could continue, with potential selling pressure from Mt. Gox and other sources.

The June CPI numbers from the US are set for release tomorrow, with many expecting inflation to have slowed from the previous month. If this is the case, could it inject some positivity into crypto markets?

In the Markets

Total crypto market cap

$2.17 trillion (+2.27%)

What Bitcoin did yesterday

Daily high $58,234 |  Daily low $56,306

Bitcoin market capitalisation

$1.16 trillion (+3.17%)

Bitcoin volume

$28 billion (-21%)

CoinDesk Large Cap Select Index 


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. 



Fear and Greed Index

40 (Neutral) 

The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.

Bitcoin’s market dominance


The Bitcoin Market Dominance indicator measures the percentage of total cryptocurrency market capitalisation represented by Bitcoin at a given time.

Bitcoin Relative Strength Index (RSI)


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.

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.