Daily market update: Bitcoin sentiment’s record streak in Extreme Greed

by Team Luno
· 3 minute read

Bitcoin has now been over $14,000 for a full week, despite US election turbulence and the price of gold tumbling. What’s next?

Here’s your daily look at the latest bitcoin market movements. If you’re new to the world of cryptocurrency and want to understand more about what these indicators means and how to use them, take a look through 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 GMT.

Bitcoin price

We closed yesterday, 10 November, 2020, at a price of $15,290.90, down from $15,332.32 the day before. That’s a decrease of 0.27%. That’s now 7 consecutive days the price has closed above $14,000 – only the third time in its history it has spent a week above that mark. The daily high was $15,450.33. The daily low was $15,124.96.

This time last year, the price of bitcoin was $9,055.53 and in 2018 it was $6,409.22.

We’re 23.89% below bitcoin‘s all-time high of $20,089 (17 December 2017).

As of today, buying bitcoin has been profitable for…

98.7% of all days since 2013-04-28.

Bitcoin volume

The volume traded yesterday was $25,574,938,143, down from $34,149,115,566 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 $283,468,380,961, down from $284,236,108,837 the day before.

Fear and Greed Index

The sentiment stays in Extreme Greed, although down a bit to 86 from 90 yesterday. That’s the longest streak in Extreme Greed we’ve had since the Index started in February 2018. 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.

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’.

Charts provided by IntoTheBlock.com

Volatility

Annualised price volatility using 365 days.

Charts provided by IntoTheBlock.com

Twitter sentiment

Yesterday, there were 10,503 tweets sent with a positive connotation towards bitcoin, 23,859 with a neutral connotation, and 1,968 were negative.

Charts provided by IntoTheBlock.com

Bitcoin’s market dominance

Bitcoin’s market dominance stands at 64.62. Its lowest recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 71.55. 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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