By Darren Parkin
IT’S been an exciting week in the world of cryptocurrency with a fascinating collection of twists and turns that exploded out of the nothingness of sideways movement.
Looking back to last Friday all the charts appeared happy to sit out what was looking like a fairly drab January. Bitcoin was languishing below $21k, Ethereum looked tired out, and most other cryptocurrencies were moping about as if they were still nursing a hangover from new year’s eve.
This morning, Bitcoin is clearly coiling up at $22,950 with bulls steeling themselves for another assault on $23,000 while the bears look to reinforce their lines to beat back any attempt at taking what is shaping up to be a significant stronghold in this latest skirmish.
The upward movement we’ve seen this month began in mid January where it has since lifted from what some analysts may regard as fairly weak lines of resistance – $20,800 and $22,800. Those lines were briefly fought over, and soon gave way to momentum. The fortifications at $23,000, however, look much more robust.
Quite where we’ll be in another week is anyone’s guess, but it’s likely that volatility will be on the cards.
The daily chart reflects nothing of the tumultuous micro-narratives that have driven the price of Bitcoin over the last 24 hours. In fact, it’s registering a zero per cent movement.
Zoom out, though, and you’ll see just how far things have come.
The flagship cryptocurrency is 10 per cent to the good over seven days, and a remarkable 36 per cent up over a month.
What’s more, a glance over the trading activity reveals 98 per cent ‘buy’. Couple that with a 20 per cent drop in buying volume over the last 24 hours and there’s a potential signal that bulls are amassing for a weekend offensive.
Elsewhere, Ethereum continues to give off an air of disappointment at $1,575. Yet, for all the groaning about lack of daily and weekly movement, it’s still keeping pace with Bitcoin across the monthly chart with a tidy 30 per cent uplift.
Cardano, meanwhile, looks like it’ll be taking home the ‘star worker’ certificate at the end of the school week after managing a two per cent push over 24 hours, 12 per cent over the week, and an almighty 44 per cent for the month. It currently stands at $0.38.
Grab the popcorn, and maybe strap yourself in – this weekend bears all the hallmarks of a bumpy ride.
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$1,045 trillion.
What Bitcoin did yesterday
We closed yesterday, January 26, at a price of $23,032. The daily high yesterday was $23,237, and the daily low was $22,911.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was$443.923 billion. To put it into context, the market cap of gold is $12.707 trillion and Tesla is $506.09 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $25.635 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 36.16%.
Fear and Greed Index
Market sentiment today is 55, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.45. Its lowest ever recorded dominance was 37.09 on 1 January 2018.
Relative Strength Index (RSI)
The daily RSI is currently 79.24.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
“It took months to get this class approved, but we made it! Getting Bitcoin into the curriculum is important for the long game.”
Korok Ray, Professor of economics at Texas A&M
What they said yesterday
The Bitcoin network, still working despite it all…
Probably something…
Bitcoin’s real-world value…
Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!
The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.
We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.
So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!
All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
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
Crypto.com 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
The post Battle for $23,000 rumbles on as Bitcoin bulls rally for the charge while bears dig in appeared first on CityAM.
