Crypto markets retrace following short-lived rally
Bitcoin and other cryptocurrencies have retraced since yesterday’s rally but the market leader continues to trade around $27.5k, while Ethereum (ETH) circles the $1.6k level.
While most cryptocurrencies are in the red, Bitcoin is up 5% over seven days, with Ethereum in the green by 4.7% over the same period, both hanging on to a sliver of gains from yesterday’s unexpected spike in prices.
The Relative Strength Index (RSI), which shot up yesterday to 73, indicating an oversold position, has also since cooled to 67.
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
🌅Total crypto market cap
🔵 $1.09 trillion
🔻 2.43%
What Bitcoin did yesterday
🔺 Daily high $28,556
🔻 Daily low $27,325
Bitcoin market capitalisation
🟠 BTC $538.643 billion
🟡 Gold $12.16 trillion
💳 Visa $478.37 billion
Bitcoin volume
🪣 Total spot trading volume $17.001 billion
🔺 23.45%
SP500
🔺 0.007%
FTSE/JSE Top 40
🔺 0.38%
Fear and Greed Index
Bitcoin’s market dominance
📊 50.35
Relative Strength Index (RSI)
💪 67.77
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
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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.