$BTC $ETH
Bitcoin has fallen from last Friday's high of over 98,000 to 95,000, and the total cryptocurrency market cap has dropped below 3 trillion USD, but the distant outlook reflected in the Bitcoin market still looks bullish. On-chain activity has also increased, hinting at a bullish outlook, but 100,000 remains the biggest resistance for Bitcoin at this stage.
As for DeFi, the number of on-chain transactions involving wrapped Bitcoin continues to rise, having doubled since January, indicating that there is still significant retail support for Bitcoin and interest in decentralized finance.
On the macro front, the Federal Reserve's interest rate decision will be announced this Wednesday. According to ING, survey data highlights that there may be risks of inflation in the short term, which limits the Fed's ability to ease, and the central bank may resist calls for rate cuts. However, some also suggest that the recent slowdown in GDP indicates there may be room for easing in the economy in the second half of the year.
The key remains the conflict between Trump and Powell; Powell's speech this Thursday may directly affect the market, but it will be difficult to see rate cuts again before June.
Volatility is coming; the Fed's decision, the U.S. ISM Services PMI, and the Bank of England's interest rate decision are the catalysts for this week, so stay alert!
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