BTC Attempts To Hold Amidst New Variant Concerns

BTC approximately 11:50 am ET, 12/2/21

BTC is attempting to hold above support as the fiat market struggled a bit upon the opening bell. Currently, the MFI and MACD are trending downwards, however, they could be preparing to settle soon. While keeping this in mind, it’s going to be important to follow any COVID-oriented developments that could affect broader financial markets because these could have an effect on the cryptocurrency market as well.

ETH to BTC daily chart, approximately 12/2/21.

Ethereum has broken above a long-term area of resistance in its ratio to BTC, so it looks as if ETH could be preparing to have a breakout in its ratio to BTC. This could mean that we may see ETH continue to outpace BTC in the near future. However, it should be noted that it still needs to find definitive short-term support in its ratio after this breakout.