Bitcoin’s short-lived breakout lacks momentum
The cryptocurrency markets saw a brief breakout yesterday, with the price of Bitcoin popping back above $30k for the first time in two weeks.
The market leader was unable to sustain the momentum and has since dropped back below the important level, where it’s now been hovering for a number of weeks. Bitcoin was changing hands for around $29,800 this morning, up 2 per cent over the past 24 hours.
Elsewhere, Solana (SOL) and Toncoin (TON) both led the way with increases of 5 per cent since yesterday. Volatile memecoin Shiba INU has increased in price 10 per cent over the past day and 20 per cent over the week.
Analysts suggest the price moves could be linked to fresh concerns about the US banking following Moody’s downgrade of ten mid-sized US banks, while long-time Bitcoin doom monger Peter Schiff cited the potentially-imminent SEC approval of multiple spot Bitcoin ETFs – considered a game changer for the reputation of the industry and its acceptance as an asset class by traditional finance.
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
🌅Total crypto market cap
🔵 $1.145 trillion
🔺 0.09%
What Bitcoin did yesterday
🔺 Daily high $30,176
🔻 Daily low $29,113
Bitcoin market capitalisation
🟠 BTC $579.19 billion
🟡 Gold $12.932 trillion
💳 Visa $501.16 billion
Bitcoin volume
🪣 Total spot trading volume $21.772 billion
SP500
🔺 0.35%
Fear and Greed Index
Bitcoin’s market dominance
📊 50.61
Relative Strength Index (RSI)
💪 58
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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All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
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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 AM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.