Strong weekend trading sees Bitcoin opening Monday above $68,300
BITCOIN'S price rose to a multi-month high of roughly $69,300 in the early hours today before hitting resistance and retracing to $68,300.
Ethereum is trading with renewed energy, climbing 3% to over $2,700, while other cryptos like Solana, Cardano, Chainlink, and Fantom are also in the green. Dogecoin stands out over the longer term, seeing gains of more than 30% over both the past week and the last 30 days.
With Bitcoin's price momentum, the Moving Average Convergence Divergence (MACD) indicator has flipped bullish - a signal that has many wondering if the market-cap leader will push past $70,000 this week. The MACD shows bullish momentum when the shorter-term moving average crosses above the longer-term moving average, potentially indicating further upward movement.
As Bitcoin nears this critical level, the question is whether it can overcome the resistance seen in June or face another retracement. Investors and analysts alike are keeping a close eye on the charts and market news to see if this rally has staying power.
In the Markets
Total crypto market cap
$2.38 trillion (+1.28%)
What Bitcoin did yesterday
Daily high $69,386 | Daily low $67,443
Bitcoin market capitalisation
$1.36 trillion (57.72% of market)
Bitcoin 24-hour trading volume
$24.2 billion (+36.5%)
SP500
+0.4%
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)
68
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.