Sea of red prevails despite bullish signals

June 21, 2024
James Bowater

THIS time yesterday, Michael Saylor was announcing that his company - MicroStrategy - had bagged a further 11,931 Bitcoins, bringing its total holdings to a staggering 226,331 BTC.

At the same time, Australia's embrace of Bitcoin exchange-traded funds (ETFs) was revealed to be on a steep rise.

Even if just one of these events was occurring entirely on its own, it ought to be enough to send an electrical current of positivity through the markets and spark an upward movement for Bitcoin, thus triggering a rise across the board as altcoins followed the flagship.

MicroStrategy purchasing in bulk is usually a sure sign that bottom is in, and in the past has been noted as a buy signal.

Yet, nothing happened. Instead, a brief puff of green smoke delivered little to the markets which then settled back onto its sleepy haunches before drifting downwards.

You'd be hard-pushed to find any hint of anything other than a scarlet hue this morning.

Bitcoin, at $63,876, has lost two per cent of its value from yesterday. Ethereum, its much-lauded counterfoil, has dipped by three per cent overnight, and is currently priced at $3,472.

Alarmingly, one of the hardest to fall has been Japanese favourite Jasmy which, until a few days ago, had been on a remarkable upward charge that saw it skyrocket in the monthly price charts. It's now clocking $0.0279 with a 24-hour dive nearing nine per cent.

However, looking beyond the sea of red, this downward slip at the end of a working week will often give way to a playful weekend market with reasonable volatility. Watch this space, as they say.

In the Markets

Total crypto market cap

$2.32 trillion (-3.17%)

What Bitcoin did yesterday

Daily high $66,438 |  Daily low $64,547

Bitcoin market capitalisation

$1.26 trillion (-3.13%)

Bitcoin volume

$32.69 billion (+33.17%)

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

63 (Greed) 

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.