Macro Overview
- US Q1 GDP Growth Slows to 1.6%: The US economy expands at its slowest pace in two years, with Q1 GDP growth reaching 1.6%, missing estimates amid a sharp uptick in core inflation. This development is viewed as bearish for the crypto market, leading to a decline in prices following the announcement.
- US Personal Consumption Expenditures Price Index (YoY): The US Personal Consumption Expenditures Price Index (YoY) registers at 2.7%, slightly higher than the expected 2.6%. Market reaction remains neutral following the announcement.
Crypto Markets Overview
Top Tokens Update
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| May 1 | 11:30 PM | US Federal Funds Rate | Actual’ less than ‘Forecast’ is good for crypto |
| May 1 | 7:30 PM | US Job Openings | Actual’ less than ‘Forecast’ is good for crypto |
| May 3 | 6:00 PM | US Non-Farm Employment Change | Actual’ less than ‘Forecast’ is good for crypto |
| May 3 | 6:00 PM | US Unemployment Rate | Actual’ greater than ‘Forecast’ is good for crypto |
Note: “Events in red font signify severe impact, while those in yellow indicate moderate.”
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is neutral to bearish.
- This week, BTC remained sideways due to various factors. Initially, there were negative macroeconomic figures and mixed price action, along with negative BTC ETF flows. However, there were also some positive developments, like Stripe accepting crypto payments. Until BTC breaks out of its range between $60,000 and $73,000, the trend is likely to remain range-bound. In the short term, EMAs and overall sentiment suggest bearishness.
- Key support levels to consider are around $62,750 , $60,700 , and $59,000. On the upside, resistance levels is at $67,500, $71,400,$72900 & $73700.
- 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 neutral to bearish.
- This week, ETH also moved sideways amidst significant events. The delay of the ETH ETF, which was initially bullish for ETH, contributed to its outperformance against BTC. However, the current sentiment appears bearish due to price action and overall market sentiment. Reclaiming $3200 would be a positive sign for ETH, but dropping below $3000 could lead to further declines.
- Significant support levels include $3060, $2980, and $2875, while resistance levels to watch are at $3400, $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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