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Chart of the Day

After managing to stabilize above its psychological support at the $40k level, BTC's 6-day losing streak was finally snapped on Saturday. Since then, it has been fighting to break past the $42k level, and is currently trading just below the $43k pivot zone as well as its 100-hourly moving average. If BTC manages to break out of its $43k resistance level, the broader crypto market should expect a fresh round of recovery rallies all around. On the flip side, however, a failed attempt may trigger further corrections for BTC to retest the $41.8k level. Additionally, with the U.S. Federal Reserve's plans for accelerated rate hikes likely to be executed in March of this year, BTC's upside gains look set to remain limited in the near-term as a direct result of the tightening policy — that is — unless new money starts pouring in. Judging from the Weekly Crypto Asset Flows chart, however, the crypto space is unlikely to receive much help on that front. Asset inflows have been negative for the past few weeks, and new funding inflows will take some time to push BTC back into its "Up-tober" momentum. Altcoins seem to be faring better though, as most leading L1 tokens seem to have recovered at a faster pace than BTC, with some top protocols even posting 5-7% gains within the last 24 hours. In a similar vein, ETH has also rebounded from its week-long downdraft despite low spot volume, with its price now inching up to retest the $3,200 resistance. As BTC's market cap dominance continues to trend down, it may just be the time for altcoins to shine.