Daily market update: Bitcoin’s streak over $11k continues

It’s Monday and bitcoin is still closing over $11,000. That’s now 10 consecutive days we’ve seen a closing price over $11,000 – only the third time in bitcoin’s history such a streak has been achieved. A good start to the week!

If you’re new to the world of crypto trading and want to make sense of all these indicators, check out our beginner’s guide to crypto trading series, featuring in-depth explorations of common strategiesmarket 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 BST.

Bitcoin price

We closed yesterday, 18 October, 2020, at a price of $11,483.36, with a daily high of $11,483.36 and a low of $11,347.58.

On 18 October, 2019, the closing price was $7,973.21. On 18 October, 2018, it was $6,476.71 and the same date in 2017 was $5,590.69.

We’re 42.84% below bitcoin‘s all-time high of $20,089 (17 December 2017).

Bitcoin volume

The volume traded yesterday was $18,283,314,340 – down from $19,130,430,174 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 $212,682,581,771, down from $210,353,665,235 the day before.

Fear and Greed Index

Sentiment is still at a neutral 55, the same as the day before. Extreme fear can be a sign that investors are too worried, which could be a buying opportunity. When Investors are getting too greedy, that means the market may be due for a correction.

Twitter sentiment

Yesterday, there were 10,653 tweets sent with a positive connotation towards bitcoin, 17,116 with a neutral connotation, and 1,377 were negative.

Chart provided by IntoTheBlock.com

Global 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’.

Chart provided by IntoTheBlock.com

Volatility

Annualised price volatility using 365 days.

Chart provided by IntoTheBlock.com

Bitcoin’s market dominance

Bitcoin’s market dominance stands at 60.28. Its lowest recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 60.75. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience 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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