Key Bullish Trendline Forming on Hourly BTC Chart; SEC Approves ETF
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Chart of the Day
On Wednesday, the broader crypto market maintained its upward momentum for the third day in a row despite U.S. tech equities taking a tumble amid speculation surrounding the potential peaking of inflation figures in the month of May. As of the time of writing, BTC has managed to establish a strong foothold above the $41.5k support level after posting a marginal gain within the last 24 hours. In spite of the broader market's indecisiveness, a key bullish trend line with its lower bound near the $41.5k level is forming on BTC's hourly chart. If the largest cryptocurrency by market cap manages to settle above the immediate resistance level near the $42k mark, it may be able to build up enough momentum to test the various resistance levels within the $43k zone.