BTC Breaks Below $38k
Neither this post, nor any other on cryptofal.com should be taken as financial advice. It is not.
Bitcoin took a steep dive today after testing an area of resistance once more.
After testing around $40.7k, BTC took a nosedive early this morning to approximately $37.7k. There has been recent news of a potential bearish signal on the weekly charts for BTC and fears in fiat tech markets that could have a strong influence on crypto’s price performance. This range of support around $38k is considered a macro level of support. This will be an important test of this support, that could be a fairly bullish sign if it’s held.
The MFI took a strong dip along with BTC’s price, but looks like it could be making an attempt at swinging upwards if support is held. The MACD has swung downwards fairly strongly, and has yet to show signs of recovering. We’ve also seen a strong increase in volume today as well, which will likely need to settle before we stop seeing some short term volatility.
The overall cryptocurrency market is around $1.76 trillion with a volume of approximately $94 billion. BTC dominance is at 41.2% with ETH dominance at 19.3%. Dominance continues to remain relatively steady even as BTC tests support once more.
Ethereum was not able to hold above support after BTC encountered It’s dips. It broke below $3,000 and didn’t find support until approximately $2,765. The MFI is preparing to turn around after ETH found support. The MACD, on the other hand, still looks like it could continue swinging downward.
