BTC Attempts to Hold Support Above $43k Once More

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

BTC 4-hour candle chart, approximately 9:59 A.M. ET, 2/11/22.

Bitcoin was rejected after testing resistance once more yesterday, however, so far, the area around $43k seems to be strong short-term support.

The MFI is holding fairly neutrally in this range as the MACD’s momentum waves and EMAs look to trend lower. Volume has largely settled since yesterday’s spike in volume. This could be a good sign for volatility and institutions looking to get involved.

The overall cryptocurrency market is currently around $1.98 trillion with an overall volume of around $98 billion. BTC dominance and ETH dominance are down slightly to 41.8% and 18.7% respectively. This means that altcoins are taking a larger portion of the market share today.

ADA to BTC daily ratio chart, 2/11/22.

The ADA to BTC ratio is nearing long-term support that has been holding since about May. This is a strong indication that ADA tends to hold support fairly strongly due to the fact that the vast majority of its circulating supply is staked. This creates a limit on how many tokens are being moved around in the market to directly influence price action.

ADA daily candle chart, approximately 11:19 A.M. ET, 2/11/21.

On the USD side of things, ADA is also testing a long-term area of support, however, it did break below an even longer term area of support which has now turned to resistance. Either way, ADA continues to have strong support above a dollar, not often breaking below a dollar.