Daily market update: Rejection at $12,000 for Bitcoin – where to next?

After yesterday morning’s excitement, bitcoin hit a hard rejection at $12,000 and dropping almost $800. All eyes now are on whether the bulls can summon the energy for another rally to $12,000, and what happens if they manage to force their way through.

Here’s today’s stat attack for your eyeballs. If you’re new to the world of crypto trading, don’t forget to take a look through our beginner’s guide to crypto trading series, starring in-depth explorations of common strategiesmarket analysis techniques, and more. It will help you use the data in this update to make your crypto trading decisions.

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 10:00am BST

Bitcoin price

We closed yesterday, 2 September 2020, at a price of $11,414.03 – with a daily high of $11,964.82 and a low of $11,290.79.

That’s down from $11,970.48 the day before. The closing price on the same day last year was 10,346.76.

We’re 43.19% below bitcoin‘s all-time high of $20,089 (17 December 2017).

As of today, buying bitcoin has been profitable for…

95.5% of all days since 2013-04-28.

Bitcoin volume

The volume traded yesterday was $28,037,405,299 – up from $27,311,555,343 the day before.

Market capitalisation

Bitcoin’s market capitalisation as of yesterday was $210,909,793,681, up from $221,181,001,607 the day before. To put that into context, Jeff Bezos’s net worth is $196,000,000,000, which means he could only buy 92.93% of all Bitcoin. You can’t have everything, Jeff!

Fear and Greed Index

We’re still up there in Extreme Greed, down 4 points from 83 yesterday to 79. August was characterised by greed, and we’ve never seen a whole month up in this area – will the run continue through September?

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.

Bitcoin’s market dominance

Bitcoin’s market dominance stands at 59.85. Its lowest recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 47.75. 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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