Some HODLers Still Accumulating BTC; Avalanche Foundation Spends $290 Million on Subnets

Chart of the Day

The short-lived rally that was kicked off on Wednesday has, once again, failed to sustain itself. As of the time of writing, the broader crypto market has faded back to the same point as it started out with at the beginning of the week. This pattern is becoming a little too familiar — a period of sideways consolidation followed by a brief short-squeeze, leading to an equally short-lived rally that will eventually fade away to cause a full-fledged price retracement back to where it was before the pump. On Friday morning (Asian trading hours), BTC's decline was accelerated after it fell below the $40k psychological level, and the largest crypto by market cap is now (as of the time of writing) trading below the $39k level after plunging by 7% within the last 24 hours. If BTC is unable to clear the overhead resistance zone near the $39.5k level, it will likely move down further to test the major support levels at the $38k and $37.1k marks respectively.