Price of Bitcoin slapped back from $25k after meeting resistance
The price of Bitcoin peaked this morning at $25,288 as it tests the $25k level, but has since been kicked back to $24,700.
However, Bitcoin was still trading in the green by one per cent over 24 hours. Ethereum has also fallen off the pace a little, trading flat at $1,680.
Many of the younger large-cap cryptocurrencies have also lost momentum. Solana is down (-4%), so is Cardano (-2.3%) and Chainlink (-4%). Uniswap is also in the red with a 2% fall.
Will we see the divergence between Bitcoin and other cryptocurrencies widen in the coming weeks as Bitcoin looks for support at $25,000?
Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Data can be found at https://terminal.bytetree.com/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market this morning was $1.134 billion.
What Bitcoin did yesterday
We closed yesterday, February 20, at a price of $24,829. The daily high yesterday was $25,020, and the daily low was $23,927.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $483.086 billion. To put it into context, the market cap of gold is $12.169 trillion and Tesla is $659.11 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $27,799 billion. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
The price volatility of Bitcoin over the last 30 days is 35.86%.
Fear and Greed Index
Market sentiment today is 60, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.40. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 68.62. 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 – an RSI reading of 30 or below indicates an oversold or undervalued condition.
Convince your fam: Soundbite of the day
“We have proposed a system for electronic transactions without relying on trust.”
Satoshi Nakamoto, creator(s) of Bitcoin
What they said yesterday
Not bad numbers…
Bitcoin is money…
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All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
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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. City AM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.