Bitcoin and Ethereum retrace as traders take profits

By Darren Parkin

A brief resistance level that was forming around $23,000 seems to have given way, leaving Bitcoin at a still strong $22,691 this morning

The most valuable crypto is up 6.95% over the last week and in the green by 34.46% over a month. Ethereum has slipped by 4.24% since yesterday, trading for $1,551. The CoinDesk Market Index, a good indicator of the state of the general crypto market, has also shed 2.8% in the last day.

Analysts say the pullback is likely due to traders taking profits following the rally.

Yesterday’s Crypto AM Daily in association with Luno

In the markets

The Bitcoin economy

*Data can be found at

Total crypto market cap

The total capitalisation of the entire cryptocurrency market this morning was$1.024 trillion.

What Bitcoin did yesterday

We closed yesterday – January 24 – at a price of $22,636. The daily high yesterday was $23,134, and the daily low was $22,549.

Bitcoin market capitalisation

Bitcoin’s market capitalisation this morning was$436.28 billion. To put it into context, the market cap of gold is $12.734 trillion and Tesla is $454.36 billion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $26,833 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 37.43%.

Fear and Greed Index

Market sentiment today is 51, in Neutral.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 44.65. Its lowest ever recorded dominance was 37.09 on January 1 2018.

Relative Strength Index (RSI)

The daily RSI is currently 78.79.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

*“The value of Bitcoin will never be negative…It’s not an accident cryptocurrencies, that have some resemblance of \[supply\] control and mathematics correct, are doing reasonably well”*

Federal Reserve Former Chairman, Alan Greenspan

What they said yesterday

Another step towards mass adoption…

A new challenger approaches…

Time flies…

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All feedback on Crypto AM Daily in association with Luno is welcome via email to 🙏🏻

Crypto AM: Editor’s picks

Sam Bankman-Fried: A tissue of lies soaked with fake tears?

Three-in-four wealth managers are gearing up for more cryptocurrency exposure granted FCA licence to operate in UK

Q&A with Duncan Coutts, Principal Technical Architect at IO Global

Jamie Bartlett – on the trail of the missing ‘Cryptoqueen’

MPs are falling silent over potential of cryptocurrency

Erica’s ‘Crypto Wars’ handed honours in Business Book Awards

‘Let people invest’: Matt Hancock makes case for liberal crypto rules

Explained: Why the Treasury is so sold on stablecoins

Fears crypto is used to avoid sanctions ‘misplaced,’ says Matt Hancock

The cryptocurrency fundraisers behind Ukraine’s military effort

Crypto AM: Features

Crypto AM: Founders Series

Crypto AM: Industry Voices

Crypto AM: Contributors

Crypto AM: In Conversation with James Bowater

Crypto AM: Tomorrow’s Money with Gavin S Brown

Crypto AM: Mixing in the Metaverse with Dr Chris Kacher

Crypto AM: Visions of the Future, Past & Present with Alex Lightman

Crypto AM: Tiptoe through the Crypto with Monty Munford

Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry

Crypto on the catwalk

Crypto AM: Events

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. City AM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.

All information is correct as of 08:00 BST

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