Positive moves for crypto as Bitcoin edges towards all-time high

🚀 Bitcoin breaks higher – BTC climbs 2%+ overnight, testing resistance near $107K.

📈 Ethereum leads M=majors – ETH jumps 5%, outperforming top-10 peers.

⚠️ Equities diverge – US stocks stall after US Moody’s downgrade.

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BITCOIN is up more than 2% overnight, again pushing past the $105,000 resistance level to post a high of around $106,700.

The leading crypto by market cap has been inching upwards, despite a few warbles in between, towards its all-time high of $109,144, with analysts flagging $107,000 as a key resistance zone to watch.

Ethereum has outperformed others in the top 10, rallying more than 5% overnight. Interestingly, that strength extends to large-caps and mid-tier altcoins too, though we’re not yet seeing the usual altcoin divergence where lower-caps outpace the majors. The ETH/BTC ratio continues to climb, often seen as a sign of increasing risk appetite within crypto markets.

In TradFi, US equities continue to trade sideways after Moody’s downgraded the US credit outlook, citing rising government debt. It’s a notable break from the usual correlation trend where crypto tends to track equities, particularly during macro-driven events. Will Bitcoin crack its all-time high before the weekend? Or are we due for another consolidation before the next move?

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In the markets… 

🌍 Total crypto market cap ⬆️

The global cryptocurrency market capitalisation is approximately $3.33 trillion, reflecting a 1.12% increase over the last 24 hours.

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🟠 Bitcoin (BTC) ⬆️

Price: Currently trading at around $105,544 marking a 2.62% increase in the last 24 hours.

Daily high: Approximately $106,704

Daily low: Approximately $102,425

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📈 S&P 500 ⬆️

The S&P 500 index is up about 0.08% since yesterday.

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🥳 Fear & Greed Index

The Crypto Fear & Greed Index currently stands at 68/100, indicating “Greed” among investors.

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📊 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.

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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.