Price of Bitcoin looks set for best September in seven years, despite historical slump
The price of Bitcoin (BTC) drifted back to the $26k area over the weekend, retracing the majority of the gains made last week.
The market leader is down three per cent over the past seven days. Despite the poor performance, Bitcoin surprisingly remains on course for its strongest September for seven years. September is traditionally a poor month for crypto investors.
All eyes this week will be on a potential US government shutdown, with hard-right factions of the US congress pushing for deep cuts that analysts say will likely force a confrontation over federal spending. A shutdown sees all federal agencies have to stop all non-essential work, with a knock-on impact on businesses that work for governments and across financial markets.
Friday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
🌅Total crypto market cap
🔵 $1.019 trillion
🔻 0.38%
What Bitcoin did yesterday
🔺 Daily high $26,716
🔻 Daily low $26,221
Bitcoin market capitalisation
🟠 BTC $508.3 billion
🟡 Gold $12.813 trillion
💳 Visa $488.91 billion
Bitcoin volume
🪣 Total spot trading volume $11.88 billion
🔺 1.77%
SP500
🔻 0.23%
FTSE/JSE Top 40
🔻 0.37%
Fear and Greed Index
Bitcoin’s market dominance
📊 49.85
Relative Strength Index (RSI)
💪 43.21
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, while 30 or below indicates an oversold or undervalued condition.
📣 What they said yesterday
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All feedback on Crypto AM Daily in association with Luno is welcome via email to [email protected] 🙏🏻
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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.