Weekly Overview:
Today, May 20:
- Crypto Expo Dubai 2024
Wednesday, May 22:
- Bitcoin Pizza Day 2024
- NVIDIA Earnings
- UK CPI Data
Thursday, May 23:
- Ethereum ETF Decision
Friday, May 24:
- Fed Minutes
Analysis:
Volatility was low during the weekend. BTC CME closed at $67,215 and the current price is $66,900.
Regarding Bitcoin, after absorbing liquidity from $57,000 to $59,000, the price rebounded and recaptured the $65,000 level. Now the price is forming higher highs and lows, and as long as the price remains above $65,000, it should continue to rise, with the primary target being the 2021 high ($69,000 to $70,000) and the secondary target being the upper liquidity zone ($74,000 to $75,000).
Regarding altcoins, if BTC remains bullish these days, funds should continue to flow to coins with lower market capitalization. SOL has been performing very well, and it usually leads the market trend of other altcoins, so you can continue to pay attention. The decision of Ethereum ETF will be crucial, but more important is the market reaction. Another important event is NVIDIA's earnings report. In my opinion, it may be a good result, which will have a positive impact on the cryptocurrency market, especially on the cryptocurrency artificial intelligence field.
Conclusion: