Bitcoin’s grip on $28,000 slips as crypto markets take a breather
Bitcoin’s current battle lines at $28,000 have been pushed back to a resistance line above $27,800 this morning as the crypto market slows ahead of weekend trading.
The flagship cryptocurrency’s foray above $28k had looked reasonably solid since Wednesday and, for a brief moment yesterday, had all the hallmarks for an assault on $30k as it kissed the underside of $29,200.
It proved to be a bit of an overstretch, and BTC retreated to the safety of $28,500 before pulling back to $27,800 earlier today.
The sentiment is clearly there for a go at $30,000. It’s a question now of is there enough will and strength to take it there?
This morning’s price action certainly sets the stage nicely for the often-exciting weekend trading which, as historic charts tells us, can produce some thrilling dogfights over price.
If there is push to the upside, and Bitcoin can hold the level with conviction, might we be waking up on Monday with a $30k Bitcoin?
Previous 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 $1.166 billion.
What Bitcoin did yesterday
We closed yesterday, March 30, at a price of $27,908. The daily high yesterday was $29,190, and the daily low was $27,842.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $537.443 billion. To put it into context, the market cap of gold is $13.149 trillion and Tesla is $633.2 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $19.747billion. High volumes can indicate that a significant price movement has stronger support.
Volatility
The price volatility of Bitcoin over the last 30 days is 68.9%.
Fear and Greed Index
Market sentiment today is 63, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.22. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 58.35. 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
So many academics forget that our goal, as a profession, is *not* to publish papers. It’s to change the world.
Emin Gün Sirer, founder of Avalanche (AVAX)
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.