BTC Tests Above $45k

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BTC daily candle chart, 3/26/22.

Bitcoin briefly tested above $45k last night, however, it wasn’t able to maintain it.

This is an area of resistance that BTC has struggled with since breaking below it in early January. Bitcoin has had some major movement over the last couple of weeks or so, moving from lows of below $38k to where it’s currently attempting to hold, at around $44k. Volume has dipped fairly significantly going into this weekend.

The MFI is now hovering in overbought territory as the MACD’s EMA lines continue their uptrend. With that being said, the MACD’s momentum waves look like they could be peaking and preparing to swing downward.

The overall cryptocurrency market is currently just below $2 trillion with a volume of approximately $72 billion. BTC dominance is currently at 42.1% with ETH dominance at 18.8%.

ETH/BTC weekly ratio chart, 3/26/22

Not much has changed on ETH’s ratio chart over the past few weeks. It’s still consolidating fairly strongly, however, on the weekly chart, things are looking like they could start to swing upwards soon. This wouldn’t be surprising with the rumors of the ETH 2.0 merge potentially being around the corner. If this is true, it’s very likely that ETH could outpace BTC.

On the technical side of things, the MFI looks like it could be preparing to swing upwards along with the MACD.