Multi-Day Crypto Surge Stalls; Polygon Introduces zkEVM
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The crypto market's multi-day rally seems to have temporarily stalled as U.S. stocks pared losses on Wednesday. In its best week since March this year, BTC made an attempt to climb above the 50-day simple moving average near $24.8k, but ultimately failed before retracing to slightly under the $23k level. As of the time of writing, BTC is consolidating losses at the $22.8 level after shedding 2% of its market value in the last 24 hours. The largest cryptocurrency by market cap is facing overhead resistance levels in the $23.2k to $23.7k range. Failure to rise above this zone will likely send BTC to test its support near the $22.2k level.