BTC Attempts to Test Resistance on Daily Chart

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BTC daily chart, 2/25/22.

Cryptocurrency markets are attempting to bounce back with traditional markets after fundamental FUD from Russia’s invasion, as well as global markets taking a hit.

Yesterday BTC tested below $35k after quickly bouncing back up. Now, BTC is preparing to test an area of resistance around $40k. It should be noted, that global market developments could continue to affect BTC’s and the broader cryptocurrency market’s price action.

The MFI is making an attempt at trending upwards after testing oversold territory while the MACD’s momentum waves and EMA lines are looking to swing upwards as well.

The overall cryptocurrency market cap is around $1.76 trillion with a volume of $119 billion for today. Bitcoin dominance is at 42.4% with ETH dominance at 18.5%.

ETH daily candle chart, 2/25/22.

Ethereum had an even further percentage dip yesterday after testing just below $2,300 during yesterday’s dips. The MFI and MACD on ETH are showing similar patterns to Bitcoin’s.

It’s very likely that ETH will continue to follow BTC and global markets. It could also incur volatility as global markets, and broader crypto markets do as well.