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Bitcoin sentiment continues to rise ahead of US inflation figures

City AM 11/07/2022 Darren Parkin

It’s a mixed bag in the crypto markets this morning. The price of Bitcoin has slipped four per cent over the past 24 hours, down to around $20,460 this morning.

The market leader hit highs of $22,300 on Friday, but spent the majority of the weekend in a range between $20-22k. It’s currently up seven per cent since this time last week.

Bitcoin’s resilience above $20k appears to be providing some level of reassurance to investors though, with crypto market sentiment hitting its highest levels since early May over the weekend. The Fear and Greed Index, which measures market confidence, is at 22/100 today. This means it’s still in “extreme fear” territory, but it’s a significant improvement on the single digit readings we saw for much of June.

This week, investors will be keeping a keen eye on Wednesday’s US Consumer Price Index (CPI) readout for June. So far this year, high inflation has been heavily linked to price movements for assets considered ‘riskier’. What does it mean for the week ahead? Will Bitcoin build on Friday’s momentum, or could it again threaten to sink below $20k?

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Friday’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 $915 billion.

What Bitcoin did yesterday

We closed yesterday, July 10 2022, at a price of $20,860.45. The daily high yesterday was $21,591.08 and the daily low was $20,727.12.

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $392 billion. To put it into context, the market cap of gold is $11.454 trillion and Tesla is $779.66 billion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $27,394 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 75.19%.

Fear and Greed Index

Market sentiment today is 22, in Extreme Fear.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 43.87. Its lowest ever recorded dominance was 37.09 on January 1 2018.

Relative Strength Index (RSI)

The daily RSI is currently 43.08. 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.

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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. 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 Bitcoin sentiment continues to rise ahead of US inflation figures appeared first on CityAM.

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