Daily market update: Bitcoin closes sixth ‘green candle’ week in a row

Bitcoin continued its run of green candle weeks yesterday, closing the week at $15,955.59 – up from $15,479.57 the week before. Is another on the cards?

Here’s your daily look at the latest bitcoin market movements. If you’re new to the world of cryptocurrency and want to understand more about what these indicators means and how to use them, take a look through our beginner’s guide to crypto trading series, featuring in-depth explorations of common strategies, market analysis techniques, and more.

The content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. Luno always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.

All information is correct as of 09:00am GMT.

Bitcoin price

We closed yesterday, 15 November, 2020, at a price of $15,955.59 – down from $16,068.14 the day before. That’s a drop of 0.7%. This time last year, the price of bitcoin was $8,491.99 and in 2018 it was $5,648.03.

The daily high was $16,123.11, while the daily low was $15,793.53.

We’re 20.58% below bitcoin‘s all-time high of $20,089 (17 December 2017).

As of today, buying bitcoin has been profitable for…

99% of all days since 2013-04-28.

Bitcoin volume

The volume traded yesterday was $23,653,867,583, down from $27,481,710,135 the day before. High volume indicates that a significant price movement has stronger support and is more likely to be sustained.

Market capitalisation

Bitcoin’s market capitalisation as of yesterday was $295,790,551,598, down from $297,877,068,423 the day before.

Fear and Greed Index

The sentiment is still in Extreme Greed, up again at 90. Extreme fear can indicate that investors are getting too worried and there’s an opportunity for buyers, while extreme greed could mean the market is due for a correction.

In/Out of the money

For any address with a balance of tokens, ITB identifies the average price (cost) at which those tokens were purchased and compares it with the current price. If the current price is higher than average cost, address is ‘In the Money’. If the current price is lower than the average cost, the address is ‘Out of the Money’.

Charts provided by IntoTheBlock.com

Volatility

Annualised price volatility using 365 days.

Charts provided by IntoTheBlock.com

Twitter sentiment

Yesterday, there were 10,154 tweets sent with a positive connotation towards bitcoin, 20,120 with a neutral connotation, and 1,778 were negative.

Charts provided by IntoTheBlock.com

Bitcoin’s market dominance

Bitcoin’s market dominance stands at 65.57. Its lowest recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 72.49. 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.

Resistance and support

What they said yesterday…

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