Key On-Chain Metric Dips Into Buy-Zone; Moonbirds Sales Volume Explodes
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On Monday, the broader crypto market took another dip amid thin trading volumes across all major exchanges as investors wait to see if the U.S. central bank will raise interest rates again in May to curb inflationary pressures. As a result, BTC briefly dropped to a five-week low near the $38.5k level before rising back above the $40k psychological barrier. As of the time of writing, the largest cryptocurrency by market cap is inching up to test the $41k resistance after posting a 4.8% gain within the last 24 hours. BTC will likely accelerate its upside momentum once the next major resistance zone near the $41.5k level is cleared.