Crypto Market Bounces Off New Lows; Immutable Launches $500 Million Venture Fund
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The turbulent weekend sunk the broader crypto market to new lows, before a Sunday rally buoying BTC back above the $20k threshold. As of the time of writing, the largest cryptocurrency by market cap is trading near the $20k key psychological support, after surging by 8.2% in the last 24 hours. The recovery wave from a local low near $17.6k fueled a break above the key bearish trend line with resistance near $19.2k level on BTC's hourly chart. The next upside resistance level sits near the $20.2 to $20.5k region. A major breakthrough above that region would likely usher in a stronger recovery wave. Meanwhile, on-chain metrics show that approximately 555k BTC has changed hands between the $18k to $23k price zone in the past three days, hinting that the price discovery within this region will most likely be a choppy one. BTC's MVRV ratio has dipped below 1, while this is a rare occurrence during some of the most devastating bear runs in history, it also presents great opportunities to those who are still holding on to their convictions.