Daily market update: Bitcoin closes over $14k for first time since January 2018

by Team Luno
· 3 minute read

Bitcoin closed yesterday over $14,000 yesterday for the first time since January 2018. Bulls will now have $15,000 in their sights and hopes for a new all-time high are beginning to look more and more viable everyday.

Here’s your daily look at the latest bitcoin market movement. If you’re new to the world of crypto trading, 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 09:00am GMT.

Bitcoin price

We closed yesterday, 4 November, 2020, at a price of $14,133.71 – up from $13,950.30 the day before. That’s the first time we’ve closed over $14,000 since 13 January, 2018. We’ve now spent 12 consecutive daily closes above $13,000.

At time of writing, the price is $14,434,80. The daily high yesterday was $14,218.77 and the daily low was $13,580.47.

We’re 29.64% below bitcoin‘s all-time high of $20,089 (17 December 2017).

As of today, buying bitcoin has been profitable for…

98.5% of all days since 2013-04-28.

Bitcoin volume

The volume traded yesterday was $35,116,364,962 – up from $29,869,951,617 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 $261,954,213,176, up from $258,541,441,764 the day before. That’s Bitcoin’s highest market cap since 7 January, 2018.

Fear and Greed Index

Sentiment is still up in the 70s at 72, having spent yesterday at 74. The last time we were below 70 was 29 October. Extreme fear can indicate that investors are getting too worried and there’s an opportunity for buyers, while extreme greed could mean the market is 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 provided by IntoTheBlock.com

Volatility

Annualised price volatility using 365 days.

Chart provided by IntoTheBlock.com

Twitter sentiment

Yesterday, there were 11,490 tweets sent with a positive connotation towards bitcoin, 25,545 with a neutral connotation, and 2,054 were negative.

Chart provided by IntoTheBlock.com

Bitcoin’s market dominance

Bitcoin’s market dominance stands at 65.38. Its lowest recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 78.18. 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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