Rampant Bitcoin takes a breather as the battle for $52,000 begins

CRYPTO investors are taking stock this morning after a week of Bitcoin, Ethereum, and many other cryptocurrencies setting multi-year highs.

The market-cap heavyweights are moving sideways, with Bitcoin dipping into the red by 0.57%, and Ethereum showing no major price movement at 0.85% in the positive. 

Cryptos like Solana and Avalanche are seeing deeper drawdowns overnight, but, similar to the majority of the market, are still firmly in the green over seven days. 

Investors continue to toy with the idea of Bitcoin at $52,000, which also happens to be close to the key psychological level of 1 million South African rand per Bitcoin. The market leader set a high of $52,819 yesterday before retracing to its current level of around $51,800.

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In the Markets

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Total crypto market cap

$1.95 trillion (+0.41%)

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What Bitcoin did yesterday

 Daily high $52,819 |  Daily low $51,327

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Bitcoin market capitalisation

$1.02 trillion (-0.48%)

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Bitcoin volume

$35.25 billion (-12.82%)

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SP500

+0.51%

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Fear and Greed Index

76 (Greed) 

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Bitcoin’s market dominance

53.78

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

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Relative Strength Index (RSI)

66.50

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.