Crypto Markets Breakout

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

Bitcoin is leading a breakout in cryptocurrency markets after breaking resistance today.

Bitcoin broke resistance today at around $30,500, leading the rest of the crypto currency market into green territory coming into the daily close. Bitcoin has attempted to test above $32k and remains around $31.7k around the time of posting. BTC saw an influx of buy-side volume that allowed it to break above this range of resistance. This could be indicative of a large, institutional purchase. Another influential factor is that since it’s a holiday in the US, negative potential price influence from fiat markets can be averted

The MFI is moving upwards sharply on the 4-hour candle chart and looks to be crossing into overbought territory. It could continue this uptrend for a bit longer into overbought territory, however, it should be noted that this type of momentum could also incur a bit of a downturn if new support isn’t found. The MACD is swinging upwards sharply on both its EMA lines as well as its momentum waves. It’s very possible that the MACD could also encounter some downward motion after seeing a spike in upward movement that’s this strong.

The overall cryptocurrency market is currently around $1.3 trillion with an increase in volume to approximately $90 billion. BTC dominance is now up to 45.9% with ETH dominance at 18.4%. Both have gained slightly more dominance from the broader altcoin space as ETH attempts to follow BTC’s strong buy pressure today.