Crypto Markets Crash

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

Bitcoin and the broader cryptocurrency markets have been eviscerated recently.

Today, Bitcoin found itself testing levels that it had not seen since January of 2021. On Binance, BTC dipped all the way down to approximately $27.7k. It’s attempting a volatile recovery as it sits around $29k at the time of posting. This shouldn’t be too surprising as BTC and the crypto markets find themselves correlating strongly with fiat markets, as the SPX seems to fall down a cliff today once again.

BTC’s MFI is still bordering oversold territory, as it has made an attempt at slowly trending upwards over the last few days. The MACD’s EMA lines look to be trending downwards, along with its momentum waves after looking as if they could make an attempt at swinging upward yesterday. It should be noted that fundamental developments could influence price action strongly over the coming days, so take these indicators with a grain of salt in these times of extreme volatility.

The overall cryptocurrency market has dipped down to $1.25 trillion after these massive dips across the market with a massive volume of $210 billion. BTC dominance is up to 43.8% as altcoins took steep dives today, with ETH dominance holding around 20%.

ETH has unfortunately followed BTC downward and broke through a line of support. Volume has increased once again, and the MFI remains relatively neutral. The MACD does look like it’s swinging down sharply. It’s likely that ETH will also find itself continuing to be affected by the movements of broader financial markets.