BTC Attempts to Hold Above 30k

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

Bitcoin is attempting to hold above $30k today after a dive downward yesterday.

BTC has had a volatile couple of days. BTC has been correlating closely with fiat markets that are also in turmoil. It wouldn’t be too surprising if BTC struggles to break this range if traditional markets continue to struggle as well.

The MFI had dipped strongly into oversold territory yesterday, but it has started to swing upward upwards, slowly attempting to exit oversold territory. The MACD is also slowly swinging upward with both its momentum waves as well as its EMA lines.

The overall cryptocurrency market is currently at approximately $1.4 trillion with a volume of approximately $159 billion. BTC dominance is currently at 41.7% with ETH dominance at 20%. This is a slight increase in dominance for Ethereum, which is interesting to see after these strong dips.

ETH has been slightly outpacing BTC, however it is still likely ETH’s movement will follow BTC closely if BTC incurs further volatility. MFI is trending downwards strongly. It looks as if it could attempt to test oversold territory once more. The MACD on the other hand looks to be attempting to trend upward on both its EMA lines as well as its momentum waves.