#Bitcoin has started to pump again and is currently trading close to its major resistance levels at $107K and $109K. Price action looks neutral for now, showing signs of strength but lacking momentum to break through decisively.
However, altcoins continue to underperform. Apart from a few exceptions like $AAVE from my watchlist, most alts haven’t shown the kind of follow through we’d typically expect in such a Bitcoin move. $AAVE is one of the very few alts that have pumped in similar magnitude.
Meanwhile, the S&P 500 is inching towards a key resistance zone at 5990. We’re already seeing signs of early correction in the S&P futures, and if this correction accelerates from here or after touching 5990, it’s likely to spill over into the crypto market as well.
The lack of participation from alts despite a solid move in $Btc and $eth indicates that there is little to no underlying strength in the broader crypto market at the moment.
We’ll wait for the U.S. markets to open and observe the reaction. If we see rejection at key levels, especially in equities, I’ll be looking to initiate shorts in selective altcoins.
- Key short level to watch: $AAVE at $278
- If rejection occurs at this level, I’ll look to short along with a few other setups
- Will keep you posted in real time as the setups play out
A lot of people don't know that Total3 is rejected from resistance and there is no strong support till 848.73B due to which Alts are bleeding and may further bleed.
The recent tariff reduction on China, from 145% to 30%, had limited immediate market impact as it was already priced in.
Despite the lack of significant change in traditional markets, the reduction is expected to positively influence the crypto and forex markets.
Lower tariffs can enhance trade flow and reduce costs, indirectly boosting investor confidence in volatile markets like crypto.
Forex markets may benefit from increased currency movements as global trade dynamics shift.
While traditional markets remained relatively stable, the ripple effects on alternative assets highlight the interconnectedness of global economic policies and market sentiment.
Overall, the tariff cut may support gradual market adjustments over time.
Told you people on 7 May that now $ETH will rule for few weeks not $BTC .
$ETH to 3k$ is much more possible in cimming days. Crystal clear chart
X-factor007
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Currently, Ethereum (#ETH) appears stronger than Bitcoin (#BTC) in the crypto market. Ethereum’s recent performance has shown resilience despite global uncertainties, including the escalating India-Pakistan conflict. Analysts believe that ETH's momentum is driven by its robust utility, increasing adoption in decentralized finance (DeFi), and the upcoming blockchain upgrades enhancing scalability and efficiency.
If the trade war between the United States and China settles, it could significantly boost the global economy, positively impacting risk assets like cryptocurrencies. A resolution could increase investor confidence, reduce economic uncertainty, and lead to a surge in digital asset investments.
Ethereum, being more aligned with technological advancements and blockchain applications, may see a sharper rise compared to Bitcoin, as institutional and retail investors may prefer ETH’s potential for growth. Consequently, ETH could be poised for a strong upward move, capitalizing on improved global economic conditions and its growing role within the blockchain ecosystem.