Macro Overview
- US Federal Funds Rate Remains Unchanged: The US Federal Funds Rate remains unchanged, signaling a neutral to positive sentiment for the crypto space. Historically, the market has seen an upward trend in the weeks following this announcement.
- US Unemployment Rate Surges: The US unemployment rate comes in at 3.9%, higher than the expected 3.8%, which is bullish for the crypto space due to the historically negative relationship between the two. The market experienced a pump after the data announcement.
- US Non-Farm Employment Change Falls Short: The US Non-Farm Employment Change reports 175k, significantly lower than the estimated 238k and the previous 315k. This news is positive for the crypto space, similar to the unemployment rate, leading to a market pump post-announcement.
- US Job Openings Fall Below Estimates: US Job Openings come in at 8.49 million, lower than the estimated 8.68 million. This is also positive for crypto due to the historically negative relationship between the two metrics.
Crypto Markets Overview
Top Tokens Update
- Pantera Capital Invests in TON with High Expectations: Pantera Capital, a crypto-focused venture capital firm, has made an undisclosed investment in The Open Network (TON), citing its connection to the Telegram messaging service. With Telegram’s decision to incorporate TON in April, Pantera believes TON has the potential to become one of the largest crypto networks, given Telegram’s massive user base of 900 million monthly users and 36.7 million monthly downloads. This investment reflects Pantera’s optimistic outlook on TON’s future within the crypto ecosystem.
- Over $3 Billion in Tokens Set to Unlock in May: This month, a total of around $3.66 billion in tokens are scheduled to unlock across 19 projects. Notably, Pyth Network (PYTH), an oracle service provider, will release approximately 2.13 billion tokens, valued at about $1.2 billion. Despite this substantial release, the tradable PYTH tokens will remain significantly below Pyth’s total supply of nearly 10 billion. Additionally, Aevo (AEVO) is set to unlock over 827 million tokens within 10 days, expanding the protocol’s available supply by over seven times.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| May 9 | 6:00 PM | US Unemployment Claims | Actual’ greater than ‘Forecast’ is good for crypto |
| May 9 | 10:45 PM | US SEC Chair Gensler Speaks | – |
Note: “Events in red font signify severe impact, while those in yellow indicate moderate.”
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is bullish.
- Following a dip below 60k, BTC has exhibited resilience, rallying to nearly 62k following supportive macroeconomic data. Positive signals from indicators such as the Fear and Greed Index, coupled with favorable news from BlackRock, indicate a bullish sentiment. However, BTC must maintain this upward momentum to validate the recent low as the potential bottom.
- Key support levels to consider are around $57,000 and $59,000. On the upside, resistance levels is at $65,000 , $67,500, & $71,400.
It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent. - For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavors.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears bullish.
- ETH similarly rebounded after dropping below the $3000 mark. Currently, ETH/BTC indicates a potential bottoming out, suggesting that ETH and altcoins may outperform BTC in the coming days. Technically, ETH remains in a downtrend and must establish a new higher high to confirm increased bullishness. Shorter time frames reveal a bullish outlook based on price action and technical indicators.
- Significant support levels include $2875 and $2750, while resistance levels to watch are at $3250, $3500 and $3650.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
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