On-Chain Signs Suggest BTC Supply Squeeze; ECON Passes Crypto Assets Legislation
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On Monday, the broader crypto market stagnated as BTC and other major altcoins remained within tight ranges on the back of light trading volumes. It appears that traders are more inclined to wait out the events that are set to unfold later this week, including new developments with regard to the Russian-Ukraine conflict, and the U.S. Federal Reserve’s decision on rate hikes. BTC rose above the $39.5k level on the back of a mini-momentum in the early hours of Monday, but faced strong overhead resistance at the $40k psychological barrier. The largest crypto by market cap has since corrected downward, and is currently settling above the $38k mark as of the time of writing. BTC has made several choppy attempts to break above a bearish trend line that has its upper bound near the $38.7k level on its hourly chart, but upside gains remain limited due to the presence of multiple hurdles before the $40k barrier.