Cautiously Bullish Outlook for Crypto Market; Avalanche Foundation Funds Grimes

Chart of the Day

Over the past weekend, the broader crypto market seems to have regained its seasonal strength. In the early hours of Monday (Asian trading hours), BTC sprung past the $47k handle after posting a 5.5% gain over the past 10 hours to attain a three-month high price. With that, the number one cryptocurrency by market cap is now a mere breath away from the the $47.7 level that it started 2021 (a good year for BTC and the crypto market in general) off with. The next major resistance for BTC lies in the $49.2k zone. A clear breakout above said resistance zone could open the doors to aggressive gains above the $50k psychological barrier. On the flip side, if BTC fails to stay atop the $47k handle, this may result in a retracement to find some support near the $46k region. Some analysts attribute the crypto market's rallying momentum to rising institutional demand and the broader rally in global risk-on assets. They also expect this trend to continue, at least in the near-term.