Macro Overview
- US Job Openings: Came in lower than expected, which is bullish for the crypto market due to the negative correlation with USDT Dominance.
- US Advance GDP q/q: Came in lower than expected — typically bullish for crypto due to negative correlation with USDT.D. Market dipped briefly post-announcement but later recovered.
- US Core PCE Price Index : Came in lower than expected, signaling easing inflation. This is positive for the crypto market.
Crypto Markets Overview
Top Tokens Update
- 21Shares Files for Spot SUI ETF in Strategic Move with Layer 1 Network: 21Shares has filed with the SEC to launch a spot SUI ETF in the U.S., aiming to offer direct exposure to SUI’s price. The ETF, in partnership with the Sui Layer 1 network, will custody assets via Coinbase and won’t involve staking—differentiating it from other recent crypto ETF filings.
- SEC Delays Decisions on XRP and Dogecoin ETFs: The SEC has postponed its decisions on the Bitwise Dogecoin ETF and Franklin XRP Fund, setting new deadlines for June 15 and June 17, respectively. The agency cited the need for more time to evaluate the proposals and related concerns.
- Sam Altman’s World Project Launching in the U.S.: Sam Altman’s World, a human verification crypto project, is launching in the U.S. with plans for a Visa card and a Tinder pilot program. The rollout will begin in six cities, including Atlanta, Austin, Los Angeles, Miami, Nashville, and San Francisco. The project aims to help differentiate between humans and AI bots, with users earning WLD tokens for verifying their personhood.
- Ethena Partners with TON Foundation to Introduce USDe and sUSDe to Telegram Ecosystem: Ethena Labs and the Ethena Foundation have teamed up with the TON Foundation to bring synthetic stablecoins USDe and sUSDe into the Telegram ecosystem. The stablecoins will be integrated into Telegram’s native wallet and other TON-compatible wallets.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| May-7 | 11:30 PM | US Federal Funds Rate | Actual’ less than ‘Forecast’ is good for crypto |
| May-8 | 6:00 PM | US Unemployment Claims | Actual’ greater than ‘Forecast’ is good for crypto |
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Bullish.
- BTC has remained sideways this week, but the overall trend is still bullish in both HTF and LTF. With macro conditions and other factors remaining stable and favorable for the market, we expect continued upside from here.
- Key support levels to consider are around $92,000 and $85,000 On the upside, resistance level is at $99,000 and $105,000.
- 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 endeavours.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears Bullish.
- ETH also remained sideways this week but held its position above the 20 EMA D, which is acting as key support. The trend looks bullish in LTF, with the general market conditions supporting this outlook.
- Significant support levels include $1685 and $1535, while resistance levels to watch are at $1908 and $1996.
- 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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