Bitcoin bulls want consolidation above $25k with altcoin rally on the cards, claims analyst
THREE DAYS TO GO!
Get your tickets here…
Bitcoin is trading largely flat this morning around $28k while Ethereum is in more-or-less the same boat at $1,764. The rest of crypto is waiting to see what the market leaders do in the coming weeks as regulatory scrutiny in the US continues, say analysts.
The market is still fairly bullish, Joe DiPasquale, CEO of crypto asset manager BitBull Capital, claimed. Even after the Fed’s latest rate hike announcement last week.
“For now, the bulls will want to see Bitcoin respecting $25k and consolidating above that level,” he said.
“Given some time with such price action, we may see altcoins starting to rally again.”
Friday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Data can be found at https://terminal.bytetree.com/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market this morning was $1.161 trillion.
What Bitcoin did yesterday
We closed yesterday, March 26, at a price of $27,994. The daily high yesterday was $28,178, and the daily low was $27,445.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $539.927 billion. To put it into context, the market cap of gold is $13.125 trillion and Tesla is $608.2 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $14.495 billion. High volumes can indicate that a significant price movement has stronger support.
Volatility
The price volatility of Bitcoin over the last 30 days is 61.72%.
Fear and Greed Index
Market sentiment today is 64, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.76. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 63.38. 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 – an RSI reading of 30 or below indicates an oversold or undervalued condition.
Soundbite of the day
Bitcoin is viewed more as digital #gold in a world going that way and may be moving on from excessive speculation. The 2023 global banking crisis and rising potential for a significant economic reset may mark an inflection…
Mike McGlone, Bloomberg analyst
What they said yesterday
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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. City PM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.