Support building above $70,000 as Bitcoin begins countdown to halving

BITCOIN tested the all-time high price yesterday when it reached a daily peak of roughly $72,600, before dipping briefly below the key level of $70,000. It’s currently trading around $70,500 this morning.

Ethereum’s price pulsed 5% overnight before simmering down to trade at $3,600, still up by 1.5%. 

Some of the younger cryptos such as Avalanche (-3%) are deeper in the red today.

The Bitcoin halving is expected to happen in 10 days. Investors will be watching how this impacts the Bitcoin market, and whether this will buoy the rest of the crypto market. 

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In the Markets

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Total crypto market cap

$2.65 trillion (+1.29%)

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What Bitcoin did yesterday

Daily high $72,710 |  Daily low $69,110

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Bitcoin market capitalisation

$1.38 trillion (-1.38%)

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Bitcoin volume

$38.87 billion (+58.93%)

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CoinDesk Large Cap Select Index 

-0.53%

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

-0.037%

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Fear and Greed Index

79 (Greed) 

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

54.08

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)

52.79

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…

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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.