Bitcoin slips to $42,600 amid market pull-back

THE price of Bitcoin has dipped all the way to $42,600 after posting a two-year high of around $49,000 only four days ago.

Some analysts say it could signal a short-term correction as the rally of the last few months potentially runs out of steam. The $42,000-level was tested but the market leader found support to sustain this key level. 

Ethereum is also down and is trading for around $2,500 this morning, with next-gen cryptos following a similar pattern. 

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In the Markets

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Days to BTC Halving

94

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Total crypto market cap

$1.68 trillion (-0.73%)

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What Bitcoin did yesterday

 Daily high $43,069 |  Daily low $41,739

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Bitcoin market capitalisation

$836.22 billion (-0.69%)

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Bitcoin volume

$20.06 billion (+21.30%)

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Ethereum staking entry queue

0 minutes

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SP500

-0.075%

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Fear and Greed Index

59 (Neutral) 

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Bitcoin’s market dominance

51.15

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Bitcoin Simple Moving Average (50) 

Value 42684

Buy  (TradingView)

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Relative Strength Index (RSI)

46.34

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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.