Daily market update: Bitcoin hits 6-week high, is $12k next?

by Team Luno
· 3 minute read

The last time we closed below $10,000 was 26 July. Remember that? It was a strange time, a different world. What was it like? How did it smell? What exactly did people think they were doing? Ask your grandparents, maybe they’ll know. Will we ever go back to those 4 figure days?

It’s looking increasingly unlikely, as we take another run at the resistance at $12,000. Here’s your daily dose of market metrics. 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 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 08:30am BST.

Bitcoin price

We closed yesterday, 19 October, 2020, at a price of $11,742.04, with a daily high of $11,799.09 and a low of $11,408.29. That’s the highest closing price since 1 September.

On 19 October, 2019, the closing price was $8,222.08. On 19 October, 2018, it was $6,489.19 and the same date in 2017 was $6,011.45.

We’re 41.55% below bitcoin‘s all-time high of $20,089 (17 December 2017).

Bitcoin volume

The volume traded yesterday was $23,860,769,928 – up from $18,283,314,340 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 $217,482,407,293, up from $212,682,581,771 the day before.

Fear and Greed Index

Sentiment is still at a neutral 56, up from 55 yesterday. 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 10,999 tweets sent with a positive connotation towards bitcoin, 23,262 with a neutral connotation, and 1,858 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 60.84. Its lowest recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 68.49. 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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