Bitcoin has a spring in its step after weekend consolidation
Crypto at a glance
Has the recent Monday curse been broken? The last two weeks have opened with major dips for Bitcoin, but things seem to be holding steady for now and even pushing upwards.
The expiry of $6 billion worth of futures contracts on Friday was speculated to be a make-or-break moment by some, and it will be heartening to see Bitcoin’s price rise from lows of $51,000 on Thursday all the way above $57,000 – even more so that it continues to hold that level.
A weekend of sideways price action around this level has now set us up for another intriguing week as we head into April. Can bulls keep Bitcoin on an upward trajectory?
READ MORE: Bitcoin consolidates above $55,000 as a huge month beckons for crypto
The last month has been tough for Bitcoin, despite the price climbing to an all-time-high of more than $61,000.
The price ascent, up almost 500% since its latest bull run began in October, has slowed somewhat compared with January and early February. However, its resilience above $50k comes in the face of a rise in FUD from politicians and mainstream media sources, as well as threats from a surging Treasury yield, tech stocks plunging, and the US Dollar surging.
Historical Bitcoin price data shows that March is traditionally a bad month for Bitcoin, but losses are often followed by an April rally, with analysis of price data over the last ten years revealing a 51% average gain for Bitcoin. Will this same be true this year?
It’s a similar story elsewhere, as Ethereum and other smaller caps continue to follow in Bitcoin’s footsteps.
Ethereum, Cardano, Polkadot, Ripple and Uniswap all made gains over the weekend, though have moved less than one per cent in either direction over the last 24 hours. Meanwhile, Theta (THETA) continues to see strong gains and cement its place among the top 10 as a major player.
Conversely, Bitcoin Cash continues to cement its position outside the top 10, dropping to 14 by market cap despite recent price gains. Can it ever recover its former status?
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In the markets
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is $1,771,463,941,546.
What Bitcoin did yesterday
We closed yesterday, March 28 2021, at a price of $55,950.75 – down from $55,973.51 the day before. It’s now 19 days in a row that the price has closed above $50,000.
The daily high yesterday was $56,610.31 and the daily low was $55,071.11.
This time last year, the price of Bitcoin closed the day at $6,242.19. In 2019, it closed at $4,069.11.
Bitcoin market capitalisation
Bitcoin’s market capitalisation is $1044.44 billion at time of writing. To put that into context, the market cap of gold is $10.959 trillion and Alphabet (Google) is $1.368 trillion.
Bitcoin volume
The total total spot trading volume reported by all exchanges over the last 24 hours was $47,737,385,419, according to CoinMarketCap. 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 59.9%.
Fear and Greed Index
Market sentiment is down to neutral at 72.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 60.72. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 54.53. 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
“If we add all of the potential demand relative to the limited supply, we come up with incredible numbers over the long term. We have just begun. One trillion dollars is nothing compared to where this ultimately will be.”
– Cathie Wood, Founder and CEO of Ark Invest
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March 31 to April 1 2021 – Dubai
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April 6 to 7 2021 – Tokyo
https://www.weforum.org/events/global-technology-governance-summit-2021
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 08:30am GMT.
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