Sideways action shows a cautious approach for Bitcoin ahead of inflation signals

CRYPTO markets are moving sideways for the most part, with Bitcoin inching into the green. The leader by market cap is up by 0.48% over 24 hours, trading for roughly $62,679 this morning. Ethereum is trading flat over the same timeframe. 

The younger cryptos have dipped into the red overnight, most of them seeing price drawdowns between 1% and 3%. 

Investors are keeping a close eye on today’s Consumer Price Index (CPI) numbers from the US, which will give investors an idea of how the Federal Reserve Bank is doing in its fight against inflation. Read more about this below. 

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In the Markets

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Total crypto market cap

$2.26 trillion (-1.18%)

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What Bitcoin did yesterday

Daily high $63,102 |  Daily low $61,156

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Bitcoin market capitalisation

$1.22 trillion (+0.67%)

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Bitcoin volume

$24.14 billion (-9.48%)

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CoinDesk Large Cap Select Index 

-1.87%

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. 

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SP500

+0.48%

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Fear and Greed Index

52 (Neutral) 

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

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Bitcoin’s market dominance

55.5

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

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Relative Strength Index (RSI)

60.15

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.

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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.