Daily market update: Bitcoin sees third daily close over $18,000

Bitcoin closed yet another green candle week yesterday, up again over $18,000. Ethereum too is seeing gains, pushing towards $600. Can the drive be sustained? What are the numbers telling you?

Here’s your daily market update. If you’re new to the world of crypto, take a look through our beginner’s guide to crypto trading series to get a better idea of all these indicators, starring 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 09:30am GMT.

Bitcoin price

We closed yesterday, 22 November, 2020, at a price of $18,370.00– down from $18,642.23 the day before. It’s only the second time in Bitcoin’s history that the price has closed over $18,000 for three days in a row.

The daily high yesterday was $18,688.97, while the daily low was $17,671.38. This time last year, the price of bitcoin closed the day at $7,296.58 and in 2018 it was $4,365.94.

We’re 8.59% below bitcoin‘s all-time high of $20,089 (17 December 2017).

As of today, buying bitcoin has been profitable for…

99.7% of all days since 2013-04-28.

Bitcoin volume

The volume traded yesterday was $41,280,434,226, up from $39,650,210,707 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 $340,790,183,317, down from $345,819,234,185 the day before. To put that into context, Proctor & Gamble’s market cap is currently $345.41 billion.

Fear and Greed Index

The sentiment is still in Extreme Greed again, up to 90. The last time it was below 80 was 5 November This is a record length of time that the index has spent in greed and it’s important to note that the index doesn’t stay this high very often.

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

Bitcoin’s market dominance

Bitcoin’s market dominance stands at 64.03. Its lowest recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 79.96. 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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