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 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 08.00am BST.
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.
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.
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
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…
On September 14, 2020, MicroStrategy completed its acquisition of 16,796 additional bitcoins at an aggregate purchase price of $175 million. To date, we have purchased a total of 38,250 bitcoins at an aggregate purchase price of $425 million, inclusive of fees and expenses.
— Michael Saylor (@michael_saylor) September 15, 2020
Most people think a government ban is the biggest risk to bitcoin. But with MicroStrategy now having a third of it’s market cap in bitcoin, do you really think governments will tank stock markets? Risk of ban will get smaller and smaller when more listed companies follow MSTR. pic.twitter.com/xEg0EDOgYA
— PlanB (@100trillionUSD) September 16, 2020
Apparently there is some kind of bitcoin buying race between MicroStrategy and @Grayscale
— Barry Silbert (@barrysilbert) September 15, 2020
I will. I am. https://t.co/GQJMpDUYCH
— Gene Simmons (@genesimmons) September 15, 2020
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