Bitcoin slips below $28,000 as investors keep a wary eye on US inflation data
Bitcoin is trading a shade under $28k this morning, down 2% from yesterday as it continues to slowly drift from the key level of $30k, which failed to find support over the weekend after a push to $29,900 on Sunday.
Ethereum (ETH) is in the red by 0.9% but holding above $1.8k.
The rest of crypto is largely flat, possibly due to investors waiting for US job openings numbers later today and communications from the Fed on Wednesday about interest rate moves going forward. Could May be the last rate hike of the cycle that started in November 2021?
The latest from the banking crisis in the US is that JP Morgan has offered to buy most assets of First Republic Bank after regulators stepped in and took control of the troubled lender, the third banking casualty since March this year.
Friday’s Crypto AM Daily
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 $1.162 billion.
What Bitcoin did yesterday
We closed yesterday, May 1, at a price of $28,091. The daily high yesterday was $29,329, and the daily low was $27,680.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $543.047 billion. To put it into context, the market cap of gold is $13.151 trillion and Tesla is $512.92 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $15.675 billion.
Fear and Greed Index
Market sentiment today is 55, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 48.14. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 45.59. 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.
Soundbite of the day
The Bitcoin range is clearly defined between $30,050 & $27,230. That is a big range to trade. Watch for swing failure patterns / deviations.
Kyle Doops, Crypto analyst on Crypto Banter
What they said yesterday
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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. Morning Wire, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.