Whales Have Been Accumulating BTC; Crypto Investors Earned Big in 2021
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On Thursday, the broader crypto market lost some of its recovery steam after the U.S. Federal Reserve revealed that the 50 basis points interest rates increment in May "will be on the table". A hawkish monetary policy has, thus far, provided strong headwinds for risky assets. As a result, BTC briefly flirted with the $43k level before retracing back to the $40k mark, erasing all of its past days' gains in the process. As of the time of writing, BTC is consolidating above the $40k level after posting up a 2.6% loss in the past 24 hours. The previous support near the $41k level was also overturned into an overhead resistance overnight. If it fails to clear said $41k resistance, the largest cryptocurrency by market cap will likely see further downside corrections to the $39.2k to $40k zone.