A trader monitoring market movements across multiple screens. In this analysis, we take a detailed look at the key factors that may shape the path of cryptocurrencies next week. We focus on the technical analysis of Bitcoin, Ethereum, and other major currencies, highlighting LINK (Chainlink) as a key example. We will also address fundamental factors such as macroeconomic data and major events (U.S. Federal meetings, employment data, trade negotiations between major countries) as well as whale movements and technical updates that may impact the market. This report aims to clarify potential opportunities and risks, encouraging followers to engage and share their predictions.
The Artistic View on Major Currencies
Bitcoin (BTC): Bitcoin prices have recently risen to levels close to $95–97 thousand after recovering from a low of ~93.9 thousand. The $98 thousand level is currently important resistance, as breaking this barrier could push the price towards testing $100 thousand. On the other hand, support around $94–95 thousand plays a crucial role in absorbing any potential selling pressure. Market sentiment remains positive, supported by Bitcoin whales gathering around 81,338 coins over the past weeks, reinforcing the bullish scenario if momentum continues. (Note that a recent article mentioned Bitcoin trading near $95 thousand in early May, which aligns with the current upward trend.)
Ethereum (ETH): Ethereum continues in a narrow bullish structure, currently trading around $1,836 with support from key moving averages (~$1,786). Resistance levels have been identified at around $1,873 and $2,060 (and higher at $2,400 in the broader range), while the main support is near $1,786 followed by ~1,670 in case the price retraces downwards. According to other technical analyses, Ethereum is forming an 'ascending triangle' pattern under the resistance range of $1,845, and breaking this level could lead to a rally towards $1,950–2,129. Conversely, breaking below ~1,786 could open the door for a deeper correction towards $1,670 or lower.
Focus on Chainlink (LINK)
The technical map puts a special spotlight on LINK. Technically, LINK has recently succeeded in breaking through a long-term downward trend line at ~13.70$, indicating a potential change in market strength. The first resistance is identified around $15 followed by about $18 (coinciding with the 200-day simple moving average), while the main support stands at ~13.15$ (supported by the Fibonacci point of 0.618 and a previous horizontal support level).
On the fundamental data front, on-chain indicators suggest that large investors continue to actively accumulate LINK. Whale ownership (holders of 100K–1M LINK) has risen from 143 million in November to 173 million coins currently, and the percentage of LINK supply on exchanges dropped from 21% to 19% (the lowest level since March). These signals indicate a decrease in the desire to sell and a readiness among whales to hold their positions, reinforcing the scenario for price recovery.
Moreover, the currency is supported by positive news such as institutional partnerships and network updates. Major institutions like DTCC and SWIFT have announced trials on the Chainlink Cross-Chain Interoperability Protocol (CCIP) to facilitate trading of tokenized assets. Chainlink has also launched a new rewards program for network participants that allows LINK holders to receive SXT tokens (from Space and Time) starting May 8. These incentives are expected to encourage more users to participate and enhance liquidity in the network, potentially supporting the bullish trend of the currency.
Fundamental Factors and Forecasts
Federal Reserve Meeting (FOMC): The U.S. central bank held its meeting on May 6-7, maintaining the interest rate unchanged between 4.25–4.50%. However, markets had priced in expectations for a total reduction of 79 basis points over 2025, with a 25 basis point cut expected in July. Any remarks from the Fed chair regarding the future interest rate path may cause significant volatility; a more hawkish tone could exert downward pressure on cryptocurrencies, while any dovish signals could stimulate a bullish wave toward new levels.
U.S. Employment Data: April 2025 data showed a notable increase in long-term unemployed individuals to 1.67 million, the highest level since February 2022. This rise indicates a potential economic slowdown and may drive some investors toward safer assets. Indeed, the cryptocurrency markets witnessed a slight pullback (for example, Bitcoin dropped about ~1.2% within 24 hours after the news), reflecting a cautious sentiment. However, this wave could be interpreted as a buying opportunity by institutional traders if central banks maintain their dovish stance.
Trade Tensions: Optimism resurfaced following the announcement of high-level trade talks between the U.S. and China this week. This news contributed to boosting investor sentiment and supporting rises in high-risk assets like cryptocurrencies (a slight increase in Bitcoin was observed on Thursday following the announcement). Any signs of easing trade tensions will be viewed positively by the market, while escalating disputes may reflect a decline in prices.
Whale Moves: It is important to monitor the accounts of large investors. Data has shown Bitcoin whales accumulating over 81 thousand coins in the past six weeks, along with a notable increase in LINK whale holdings as mentioned above. Such accumulation typically precedes strong bullish waves if buying demand continues. It is also important to watch whether large traders are changing their positions before any major event.
Technical Updates and Partnerships: Technical news enhances market confidence. Notably, the Ronin Network has completed its transition to Chainlink's CCIP protocol, improving the security of transferring assets worth about $450 million across the network. Additionally, the launch of the Chainlink rewards program and encouraging token holders to participate increase the attractiveness of LINK. In Ethereum and the larger blockchain, there are no major upgrade events next week, but any developments in major projects or significant regulatory announcements should be closely monitored as they may impact the overall market outlook.
Overall, the markets are currently facing a mix of stimulating and concerning factors. On one hand, whale accumulation and bullish technical signals present profit opportunities, especially if prices maintain targeted resistance levels. On the other hand, negative economic news or changes in monetary policy could hinder the pace of the rally. We must remain vigilant and monitor key support levels (such as $94-95 thousand for Bitcoin and $1,750-1,786 for Ethereum and $13.15 for LINK) which, if breached, could lead to a deeper correction.
In conclusion, what do you think? We look forward to hearing your predictions about upcoming market movements. Do you believe the bullish momentum will continue, or will the market experience a correction? Share your thoughts and predictions in the comments below and be part of the discussion!#BlockchainTechnology #Investing" #FinanceNews #cryptotrading #MarketAnalysis
