BTC Breaks Below Support on Weekly Chart

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Bitcoin had a red weekly close and looks to continue to be testing downward.

After breaking support around $36k BTC continued to tumble down, dipping even further overnight, to around $32.6k. With an increase of volume into this dip, it shouldn’t be surprising if we see BTC continue to test lower supports. These dips follow an announcement about India considering a 28% tax on cryptocurrency, which seems to be extremely unpopular in the crypto space.

The MFI is trending downwards and looks like it could make its way down to test oversold territory. The MACD is swinging downward on both its EMA lines and its momentum waves.

The overall cryptocurrency market cap is currently down to $1.5 trillion with a volume of approximately $113 billion. BTC dominance is at 41.7% with ETH dominance at 19.3%.

Ethereum has also broken support after breaking below $2,500, ETH is now attempting to hold above $2,350. The MFI is trending downwards and so is the MACD. Both could likely continue to test lower, which could be a bit of a bearish signal on the weekly chart. It’s very likely that ETH will continue to dip if BTC is unable to maintain its support.