BTC Holds Support As Volume Dips

BTC is finding support after dipping down to around $62k and recovering to above $63k. Volume is starting to settle on the 4-hour candle chart as well. The MFI is curving upwards as BTC finds support and the MACD may slowly be preparing to swing upwards. If volume continues to settle and BTC holds this support, with the market sentiment being fairly positive BTC may continue its move upwards. BTC dominance is down slightly, around 46% at the time of posting. Ethereum dominance is around 18.7% holding fairly steadily. With BTC dominance down slightly, it could mean that profits are being taken from BTC and being put into altcoins or stablecoins.

Ethereum is also looking fairly strong today as well. It’s found strong support above $4,000 and the momentum of the MACD is looking fairly neutral. The MFI may be preparing to swing upwards, however, it is still fairly near overbought territory currently.