BTC Illiquid Supply Change Chart Breaks Record; Meta Back in Crypto Fray
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On Wednesday, the broader crypto market printed further losses in lockstep with the U.S. equity markets amid a revelation that the U.S. central bank's stance has taken a hawkish turn. As a result, BTC has since retraced to the $43k handle after shedding another 4% of its market value in the last 24 hours. Unfortunately, the largest cryptocurrency by market cap has gained some bearish momentum after the resistance zone at $45k caved in to immense selling pressure from both spot and leveraged traders. Several technical indicators are now also pointing to the possibility of further downside movements by BTC that will likely see it test its support levels at the $40k to $42k zone. It seems that the recent aggressive acquisitions by Terra's Luna Foundation Guard (LFG) and software company MicroStrategy have done little to rescue BTC from continued downside corrections.