Bitcoin looks to hold ground above $50,000 as battle begins for $51k
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Crypto at a glance
Movement is rippling across the boards today after Bitcoin was beginning to fail to match the expectation of many who were predicting a surge in price last week.
The return to form of the hash rate – a measurement of the processing power of Bitcoin’s global network – was sparking rumours of a potential super cycle in the crystal balls and tea leaves of numerous crypto clairvoyants.
The belief is that if Bitcoin can hold steady above $51,000 with conviction, then it would somehow generate a frenzy of buying that would send it hurtling towards an all-time high.
As it turned out, BTC paid no heed to the prophets, and promptly let $50,000 slip out of its grasp before embarking on a path that bore all the hallmarks of a slow descent. Then, in a sudden act of bloody-mindedness, it made its move on Sunday evening.
Two sharp green candles catapulted the original cryptocurrency above $51k where it has since sat around the $51,500 mark.
It will be interesting to see, after the US has rubbed its eyes and grabbed a coffee, where Bitcoin will be overnight.
Will the US traders buy in to the $51,000 theory, or is Bitcoin’s destiny being shaped by other factors?
With BTC’s pattern being seemingly mirrored by Ethererum and Cardano, this week is shaping up to deliver some possible excitement.
This might be a good time to grab the popcorn.
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Friday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,323,528,538,275,110.
What Bitcoin did yesterday
We closed yesterday, September 5 2021, at a price of $51,753.41 up from $49,944.63 the day before. The daily high yesterday was $51,868.68 and the daily low was $49,538.60.
This time last year, the price of Bitcoin closed the day at $10,280.35. In 2019, it closed at $10,353.30.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $975.18 billion. To put it into context, the market cap of gold is $11.621 trillion and Facebook is $1.06 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $975,182,795,795. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
Volatility
The price volatility of Bitcoin over the last 30 days is 35.43%.
Fear and Greed Index
Market sentiment today is 79.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.37, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 66.93. 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.
Convince your Nan: Soundbite of the day
“Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy.”
Michael Saylor, American entrepreneur, business executive and ₿itcoin bull
What they said yesterday
Forever-ever-ver-er-r…
You have more power than you think…
700 million and counting…
Crypto AM: Editor’s pick
Simon Nixon tells Seek Ventures to ramp up Bitcoin investment
Bitcoin breaks $50,000 as magic monday gives cryptocurrencies a green start to the week
Gibraltar to host first international post pandemic crypto event
CV Labs Partnership launches British crypto firm Evai onto Bittrex global exchange
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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.
All information is correct as of 08:00 BST