Bitcoin levels out as market uplift stalls
FOLLOWING a highly active trading week, Bitcoin’s price has levelled off at $67,300 this morning, as the market-cap leader takes a breather after reaching another monthly high of $68,300 just yesterday.
Ethereum is tracking similarly, with its price sitting at around $2,600. Despite this sideways movement, Bitcoin’s seven-day gain of more than 10% and 30-day rise of 14% has many investors watching closely for further bullish signals.
One key metric on traders’ radars is the 200-day moving average - a widely followed indicator that helps smooth out volatility and identify long-term trends. With Bitcoin now above this level, some see it as a bullish sign that could support further upside.
In the broader market, altcoins such as Stellar and XRP have managed to outperform, posting 2%+ gains in the last 24 hours - modest by crypto standards, but noteworthy nonetheless.
As traders speculate on where Bitcoin and other cryptocurrencies might head next, the big question remains: How high and how fast does Bitcoin need to rise to spark a new bull rally? Only time will tell.
In the Markets
Total crypto market cap
$2.32 trillion (+0.08%)
What Bitcoin did yesterday
Daily high $68,389 | Daily low $66,766
Bitcoin market capitalisation
$1.33 trillion (58.75% of market)
Bitcoin 24-hour trading volume
$36.8 billion (+24.99%)
SP500
+0.47%
Fear and Greed Index
Greed
The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.
Bitcoin Relative Strength Index (RSI)
50.9
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.
Post Script…
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. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.