Bitcoin treads water above $28k as traders anticipate Friday’s inflation numbers
Bitcoin is changing hands for $28,330 this morning, largely flat on the day, and over seven days.
Ethereum has also found support above the key $1,800 threshold, trading in the green over the week but also flat on the day. It’s been similarly quiet in other crypto markets.
The latest US jobs report is expected on Friday – something that could dictate where the crypto markets go from here.
“Any signs of weakness in the data will likely push dovish bets back higher…,” Francesco Pesole, FX strategist at ING, has said, adding: “Solid data and hawkish Fed comments may help reinforce May Fed hike expectations.”
In other words, strong employment numbers may spell another rate hike in May, while a decline in US employment may mean a softer approach by the Fed in future. Historically, crypto performs better in a low interest rate environment.
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 $1.174 trillion.
What Bitcoin did yesterday
We closed yesterday, April 2, at a price of $28,199. The daily high yesterday was $28,518, and the daily low was $27,884.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $548.billion. To put it into context, the market cap of gold is $12.968 trillion and Tesla is $656.42 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $14,821 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 67.37%.
Fear and Greed Index
Market sentiment today is 63, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.83. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 61.34. 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 not fentanyl; there are no legal grounds to disallow its existence. Nor are there moral grounds. Unless, of course, you are terrified that people will lose confidence in your currency and banking system, which is a scenario playing out in the banking crisis and bank failures in the US and beyond.
Steven Sidley, Director of Bridge Capital Future Advisory
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.