Bitcoin Continues in This Range After Being Rejected at Support

Neither this post nor any other on cryptofal.com should be taken as financial advice. It is not.

BTC was rejected earlier today as it attempted to test around $30.4k.

After it was rejected, it found itself testing a shorter-term area of support that it’s held strongly over the past week or so. Volume is remaining fairly steady. This isn’t too surprising to see BTC and the broader crypto market struggle today, as the fiat markets had a chaotic day, with the SPX getting hit fairly hard as it entered territory it has not seen in a while. With the markets correlating more closely, this should not come as a surprise.

The MFI is currently trending upwards and continuing its strong uptrend. It should be noted that as the MFI gets closer to overbought territory, it could be a slightly bearish signal while BTC is stuck consolidating in this range. The MACD is swinging downward on both its EMA lines as well as its momentum waves. It’s very likely that BTC and the broader crypto market will continue to be influenced by short-term happenings in fiat markets.

The overall cryptocurrency market is currently around $1.25 trillion with a volume of approximately $77 billion. BTC dominance is holding fairly steady along with ETH dominance at 44.6% and 19% respectively.

ETH’s chart doesn’t look very different from BTC’s. It also found itself testing support today after it was rejected at resistance. ETH’s volume has remained relatively steady since volatility cooled off after higher support was broken last week.

The MFI is still trending upwards strongly and the MACD is looking reasonably neutral, however, it could take a down turn if fiat markets and BTC continue to struggle in these ranges.