Crypto Markets Attempt to Hold

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Bitcoin and the broader cryptocurrency space are attempting to hold a higher support going into Tuesday morning.

After a spike in volume yesterday before the daily close, BTC found itself testing above resistance and searching for a higher support. It settled above $31.5k and seems to have mostly held above this range overnight. It should be noted that with quantitative tightening continuing, fiat markets could have an effect on crypto markets in the coming days as they may see a significant hit.

The MFI is trending upwards and looks like it could continue to do so on the daily chart. Volume seems to be attempting to settle a little after a spike yesterday. The MACD is trending upwards on both the EMA lines as well as its momentum waves. It also looks like this could continue its uptrend as well.

The overall cryptocurrency market is currently around $1.3 trillion with an approximate volume of $94 billion. BTC dominance is now up to 46% with ETH dominance down to 18.2%. BTC is strongly outpacing much of the broader crypto space, which isn’t too surprising after volatile market movements.

The ETH to BTC ratio has broken below support as BTC outpaces ETH along with the rest of the cryptocurrency market. It should be noted that it looks as if its attempting to find support on the daily candle chart, however, it remains to be seen whether or not it will be able to continue upward and break former support turned resistance.

The MFI is trending upwards, and the MACD’s momentum waves are as well. The MACD’s EMA lines look like they could be attempting to turn upwards, however fiat markets and Bitcoin’s movement could continue to influence ratios in the short term.