Bitcoin Struggles to Break This Range

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

BTC daily candle chart, 3/12/22.

Bitcoin is struggling to break this area of resistance and support as volume decreases into the weekend. It’s likely that we won’t see a significant influence on price until we see an influx of volume.

The MFI is now moving fairly neutrally since the beginning of the month, and the MACD looks to also be moving neutrally. This isn’t too surprising as global markets adjust to the current global conflicts. It’s very possible that investors are waiting to see the outcomes of these conflicts which could further influence global markets, including the cryptocurrency market.

The overall cryptocurrency market cap is currently at approximately $1.75 trillion with a volume of approximately $60 billion according to coinmarketcap.com. BTC dominance is currently at 42.5% with ETH dominance at 17.8%.

ETH daily candle chart, 2/12/22.

Ethereum’s MFI is trending downwards while the MACD is remaining fairly neutral on the daily chart. ETH is currently testing an area of support as BTC struggles to break this range. Volume has also decreased slightly on ETH coming into the weekend. It wouldn’t be surprising if ETH continues to test this support as BTC struggles to break this range.