Stocks surge, altcoins give back their gains and dollar strength may push Bitcoin lower
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This week major cryptocurrencies reversed course after rallying, stocks struggled to maintain gains and a strengthening dollar could continue to weigh on BTC price.
Between May 23 and 27, the equities markets had an impressive run, with the tech-heavy NASDAQ (NASDAQ: QQQ) ETF up over 7% and the S&P 500 (NYSE: SPY) up over 6.50%. However, this week' whipsaws in price action occurred throughout the week and while the J trade session is not yet over, the weekly candlesticks suggest a close near last week’s open.
Currently, all major indexes face significant technical resistance levels above their present traded levels. Throw in thegrowing economic uncertainty and fears of a recession; the bounce may be limited.
Cryptocurrencies down again
The crypto market may close relatively flat but down for the week, extending its losing streak to an all-time high of nine consecutive weekly losses. Some altcoins this week were in the green, Cardano (ADA) and Stellar (XLM), for example, but both saw 50% to 70% of those gains wiped out.
The total market capitalization for the cryptocurrency market stands just above the $1.20 trillion level, which is getting uncomfortably close to the critical $1 trillion zone.
Oil continues to rise
Light crude futures (NYMEX: CL) continue to rise and could complete an implied close near 14-year highs, levels not seen since late July 2008. From April 11 to June 3, oil has already gained more than 20% and rests just below the $120 level
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