Bitcoin losing its grip on $17k

Tuesday 06 December 2022 11:00 am

Cryptocurrencies are down today after yesterday’s green candles.

Bitcoin is down two percent this morning after failing to hold above the $17,000 line of resistance.

Ethereum is down 3.5% since yesterday, trading at $1,250. The rest of the crypto market has followed suit, evidenced by a 1.8% slip in the market cap of the entire industry, which is currently at $853.655 billion.

The downward movement in the crypto markets is in line with what’s happening in traditional markets, as investors react to fresh data from the US, possibly spelling continued hawkish behaviour from the Fed for the foreseeable future.

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 at time of writing is currently $853.655 billion.

What Bitcoin did yesterday

We closed yesterday, December 5 2022, at a price of $16,974. The daily high yesterday was $17,378, and the daily low was $16,922.

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $326.346 billion. To put it into context, the market cap of gold is $11.76 trillion and Tesla is $567.6 billion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $19.277 billion. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.

Volatility

The price volatility of Bitcoin over the last 30 days is 52.27%.

Fear and Greed Index

Market sentiment today is 25, in Fear.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 40.41. Its lowest ever recorded dominance was 37.09 on January 1 2018.

Relative Strength Index (RSI)

The daily RSI is currently 43.09. 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 Nan: Soundbite of the day

“History doesn’t repeat, but it can often rhyme. Bitcoin is 65% into its third halving epoch, and this current drawdown looks similar to those seen in prior cycles.”

Jack Neureuter, Research Analyst, Fidelity

What they said yesterday

HODL ✊