Capital Inflows into Crypto Market Remain Strong; Grayscale Pushes for BTC Spot ETF

Chart of the Day

Over the weekend, the broader crypto market struggled to sustain its recovery momentum as investors started to internalize the impact(s) of escalating geopolitical tensions, as well as the likelihood of a half-point interest hike in May. As a result, BTC has, as of the time of writing, failed to settle above the $40k psychological barrier after two days of continuous decline. The largest cryptocurrency by market cap is currently struggling to defend the $39k level after posting a 1.27% loss in the last 24 hours. Several key technical indicators have divulged a short-term bearish formation on the hourly chart, and are also hinting at the possibility of a further decline for BTC should the support levels within the $37.5k to $38.8k zone fail to hold.