Bitcoin testing $28k as investors wait for Wednesday interest rate decision
NINE DAYS TO GO!
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Bitcoin lacked support to sustain $28,000 in the early hours, backtracking slightly before nudging $28,200 this morning.
The market leader is still up on the day and week, while Ethereum is also trading strongly at $1,760.
The Federal Reserve is scheduled to announce the latest interest rate decision tomorrow, which has further given investors time for pause, note analysts, with many expecting a 0.25% rate hike.
Yesterday’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 $1,155 trillion.
What Bitcoin did yesterday
We closed yesterday, March 20, at a price of $27,767. The daily high yesterday was $28,527, and the daily low was $27,242.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $536.650 billion. To put it into context, the market cap of gold is $13.103 trillion and Tesla is $579.82 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $41.365 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 64.11%.
Fear and Greed Index
Market sentiment today is 68, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.73. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 68.85. 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 has experienced one of the best performing weeks of price action in history, closing up 35.8% on the week. Only 124-trading days in history have seen a larger 7-day upside rally, with just 16-days occurring from 2015 onwards.”
Glassnode, cryptocurrency analytics firm
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.