Bitcoin price up but struggling for a foothold on psychological $20k mark

The price of Bitcoin has recovered somewhat after its drop below $19k yesterday, but continues to struggle with the psychologically-important $20k level. The largest cryptocurrency by market-value is up 2.27 per cent this morning, changing hands for $19,210.

The largest cryptocurrency is struggling along with most other major assets, as investors continue to weigh up ongoing Federal Reserve monetary hawkishness and macroeconomic uncertainty that have dominated the agenda for most of the year now.

Ethereum has also continued its recent trend of outperforming bitcoin, rising more than six per cent since this time yesterday to trade over $1,610 amid excitement for the Merge next week. 

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Yesterday’s Crypto AM Daily in association with Luno

In the markets

The Bitcoin economy

*Definitions and insights can be found at https://bytetree.com/research 

Total crypto market cap

The total capitalisation of the entire cryptocurrency market at time of writing is currently $976,074,820,394.536

What Bitcoin did yesterday

We closed yesterday, September 7 2022, at a price of $19,290.32. The daily high yesterday was $19,427.17 and the daily low was $18,644.47.

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $368.52 billion. To put it into context, the market cap of gold is $11.413 trillion and Tesla is $882.59 billion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $32.695 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 39.04%.

Fear and Greed Index

Market sentiment today is 20, in Extreme Fear.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 39.06. Its lowest ever recorded dominance was 37.09 on January 1 2018.

Relative Strength Index (RSI)

The daily RSI is currently 38.33. 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

“In times of deglobalisation, war and worldwide hyperinflation is there anything more important than decentralised, unconfiscatable, hard money? I expect Bitcoin will enter the limelight in a big way soon. A paradigm shift.”

Charles Edwards, Founder, Capriole Fund

What they said yesterday

The coin that could…