BTC Implied Volatility Flips to Contango; Yuga Labs Teases New Project

Chart of the Day

Over the past weekend, the broader crypto market experienced a slight dip after a relatively cheerful week of positive price actions. BTC attempted to establish a firm foothold above the $41k support through the market-wide dip, but ultimately failed to do so. In the early hours of Monday (Asian trading hours), BTC saw two consecutive wicks penetrate its $41k support. As of the time of writing, the largest cryptocurrency by market cap is consolidating losses above the $40k psychological barrier after shedding 2.5% of its market value in the past 24 hours. Fortunately for BTC, this may not necessarily spell an end to its recent uptrend, as the chance of BTC finding bids near the $40k support zone remains high. These sudden dips within the past few hours are likely to be downside corrections that have followed BTC's failed attempts to clear the $42.5k resistance. However, said downside corrections may be extended to test the $40.5k support if BTC fails to clear the overhead resistance near the $41.2k level.