All eyes are on Bitcoin for this date!
Facing profit taking at the 10-month high, Bitcoin is at the psychological resistance level at $27,000. The market and investors are watching closely what will happen in the up or down movement.
Cryptocurrency markets faced profit realizations at the 10-month high they tested last week. Testing the highest level since June 2022 by seeing the $31,000 level on April 14, Bitcoin failed to surpass this region during the week and encountered some profit selling. Especially after the FED vice president's words that we should bring the policy rates closer to 6%, the withdrawal accelerated a little more and Bitcoin closed the week with a 9% loss at $ 27,500. Ethereum, on the other hand, closed the week at $1,862 with a 12% retreat, with the effect of profit sales in the market and liquidations in large-balanced wallets after the strong rises it experienced recently. On the new day, in the morning hours, Bitcoin finds buyers at $ 27,450 and Ethereum at $ 1,845.
All eyes are on Bitcoin
While weak signals continue to come from the US economy, after the macro data announced on Friday, the probability of the Fed's meeting to be held on 3 May increased to 88.6%, to the level of 25 basis points. In other words, the market now looks at the 25 basis point rate hike in May as certain. While the end of the interest rate hike cycle has positively affected the crypto money market for a while, the possible interest signal in June and the tightening of lending conditions after the last bank crisis will be the topics that will affect the markets more in the coming days.
The macro and crypto agenda will be relatively busy this week. This week, US durable goods orders on Wednesday and first-quarter growth to be announced on Thursday stand out. The expectation is for the growth to be 2% in the first quarter. Apart from this, the first quarter financial results of technology companies such as Alphabet, Microsoft, Meta Platforms, Amazon, Intel will be announced this week. There will be key expansions of AXS, FLOW and WOO Network tokens on the cryptocurrency agenda. Therefore, some movement can be observed in the altcoin market. Last week, the most rising altcoins stood out as IDEX, CITY and KAN.
