Bitcoin slips below key level as markets follow

THE majority of cryptocurrencies are starting another day in the red this morning, with the price of Bitcoin dipping below the key level of $40,000.

The flagship cryptocurrency is currently changing hands for around $38,900 - five per cent below the price this time yesterday. 

Ethereum is further into negative territory, down by 6% and trading at roughly $2,230, with next-gen cryptos witnessing more pronounced sell-offs, as is often the case when cryptocurrencies ranked one and two by market cap retract.

Analysts continue to attribute the pressure on the price of Bitcoin to significant outflows of capital from the Grayscale Bitcoin Trust.

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In the Markets

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Total crypto market cap

$1.56 trillion (-3.16%)

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What Bitcoin did yesterday

 Daily high $41,684 |  Daily low $39,468

Bitcoin market capitalisation

$804.18 billion (-1.24%)

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Bitcoin volume

$29.23 billion (+104.80%)

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SP500

+0.22%

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Fear and Greed Index

49 (Neutral) 

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Bitcoin’s market dominance

51.39

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The Bitcoin Market Dominance indicator measures the percentage of total cryptocurrency market capitalisation represented by bitcoin at a given time.

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Bitcoin Simple Moving Average (50) 

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$43,085 Sell (TradingView)

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The Bitcoin Simple Moving Average (50) is like a smoothed average of the recent 50 daily closing prices of bitcoin, giving a clearer picture of its overall price trend over time.

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Relative Strength Index (RSI)

36.52

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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.

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Post Script…

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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. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.

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