Bitcoin battling for $30,000 as crypto markets edge back from upward drive
This time yesterday, Bitcoin was riding high and touching $30,300 after holding steady above the psychological $30k level since Wednesday.
The whole crypto market enjoyed the drive to the upside and market sentiment carried just about everything into the land of green candles.
However, in a case of ‘too much too soon’, the price of Bitcoin appears to have become overstretched – a almost an indicator that the market is about to slip. And slip it did. Briefly.
The question now for traders is one of trying to second-guess where the market wants to go from here. Will it slip further, or is it just allowing for a minor correction to catch its breath on an ascent that hasn’t even had sight of a summit yet.
Of course, there’s also the possibility that the markets are simply finding their level – something we’ve seen in historical data during past summers of sideways movement.
The price of Bitcoin briefly fell to $29,980 this morning. And while that might be down half a per cent over 24 hours, it’s worth noting that figure isn’t far off being 20% up over seven days. It didn’t take long for a volatile fightback to ensue, with the price currently at $30,100.
Ethereum is following a similar line at $1,885, and up more than 12% over the week.
Up, down or sideways, the stars appear to be aligning for an interesting weekend in the markets.
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
🌅Total crypto market cap
🔵 $1.168 billion
What Bitcoin did yesterday
🌄 Closed $29,912
🔺 Daily high $30,496
🔻 Daily low $29,679
Bitcoin market capitalisation
🟠 BTC $580.889 billion
🟡 Gold $12.723 trillion
💳 Visa $478.34 billion
Bitcoin volume
Total spot trading volume $17.700 billion
Fear and Greed Index
Bitcoin’s market dominance
📊 51.36
Relative Strength Index (RSI)
💪 68
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.
What they said yesterday
Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!
The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.
We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.
So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!
All feedback on Crypto AM Daily in association with Luno is welcome via email to [email protected] 🙏🏻
Crypto AM: Editor’s picks
FCA’s new crypto advertising rules met with mixed industry response
ChatGPT urges crypto conference panel not to become over-reliant on AI
Mt. Gox customers will have to wait until November to recover lost Bitcoin funds
Sam Bankman-Fried: A tissue of lies soaked with fake tears?
Three-in-four wealth managers are gearing up for more cryptocurrency exposure
Crypto.com granted FCA licence to operate in UK
Q&A with Duncan Coutts, Principal Technical Architect at IO Global
Jamie Bartlett – on the trail of the missing ‘Cryptoqueen’
MPs are falling silent over potential of cryptocurrency
Erica’s ‘Crypto Wars’ handed honours in Business Book Awards
Crypto AM: Features
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Contributors
Crypto AM: In Conversation with James Bowater
Crypto AM: Tomorrow’s Money with Gavin S Brown
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto on the catwalk
Crypto AM: Events
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.