Rise in Traffic on Crypto Exchanges; Futures Rolling Basis Takes a Dive

Chart of the Day

Over the weekend, the broader crypto market largely remained stagnant. BTC experienced a brief rally on Sunday evening (Asian trading hours) before plunging back to the $41.8k level in the early hours of Monday. As of the time of writing, the number one cryptocurrency is settling above the $42k level after posting a 1% loss in the last 24 hours, with the immediate overhead resistance level sitting in the $42.6k to $43.2k zone. However, BTC may move further down to test the $40k support if it fails to clear said resistance. It looks like BTC will struggle to break out of its old trading range in the coming weeks, unless there is a major catalyst that can help generate some bullish momentum to propel BTC past the multiple hurdles littering its path to the $45k level.