Daily market update: Bitcoin’s recovery continues ahead of Federal Reserve speech

It’s hump day and bitcoin’s recovery seems to be gathering momentum. On Twitter, all the focus is again on MicroStrategy extending its bitcoin position. The US Federal Reserve is set to convene for their final meeting before November’s election on September 15 and 16, with new economic and interest rate projections running through 2023 expected. What impact will the announcements have?

Here’s today’s stat attack. 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.

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 08.00am BST.

Bitcoin price

We closed yesterday, 15 September, 2020, at a price of $10,796.95 – with a daily high of $10,938.63 and a low of $10,656.46.

That’s up from a closing price of $10,680.84 the day before. It’s the highest closing price since 2 September.

We’re 46.25% below bitcoin‘s all-time high of $20,089 (17 December 2017).

As of today, buying bitcoin has been profitable for…

93.9% of all days since 2013-04-28.

Bitcoin volume

The volume traded yesterday was $32,509,451,925 – up from $35,453,581,940 the day before. That’s the lowest daily volume since 9 September 2020.

Market capitalisation

Bitcoin’s market capitalisation as of yesterday was $199,641,896,762, up from $197,484,272,947 the day before. To put that into context, Pfizer’s market cap is $199.56 billion. So it’s now more than Pfizer. Bad luck, Pfizer.

Fear and Greed Index

Despite yesterday’s price rise, sentiment is down again from 47 to 43. We’re still up on last week’s lows of 41, though.

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.

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 courtesy of IntoTheBlock.com

Volatility

Annualised price volatility using 365 days.

Chart courtesy of IntoTheBlock.com

Bitcoin’s market dominance

Bitcoin’s market dominance stands at 61.14. Its lowest recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 50.53. 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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