Crypto Market Overview

Crypto Market Review

BTC failed to overcome the resistance zone of $28,700 – $28,850. Meanwhile, Ether came close to setting new yearly highs. The situation is complicated, with bulls showing their strength in the cryptocurrency market, alongside growth in the stock markets.

There were many positive news items on Friday, including:

  • A decrease in inflation in several major European countries
  • A better-than-expected inflation forecast in the US, albeit for PCE (less significant than CPI).
  • Funds from US bank deposits flowed into the stock and debt markets.
  • The balance sheet of the Federal Reserve System (FRS) decreased by $28 billion this week, injecting liquidity into the economy.

However, there are also negative factors:

  • The job market remains strong, and the FRS is focused on it.
  • FRS members are once again singing the old song about inflation and the need to fight it hard, with indications that rates will rise again in May. This is reflected in the growth of the dollar index on Friday.
  • Depositors are fleeing US banks. Deposits shrank by $126 billion in just the past week, and by over $170 billion the week before that.

Even if there is a correction over the weekend, by the end of Sunday, the market will likely rise again to the $28,500 level for BTC, since Friday’s closure was too strong.


Bittrex, once a major exchange, is leaving the US market and now occupies a negligible market share. This loss may go unnoticed, but overall, it is a negative sign.

Base Scenario

These weekends are a mystery to me. On Saturday, I expect a flat in BTC and a decrease in altcoins.

The views expressed in this article are solely those of the author and should not be construed as official statements or representing the views of the company. The author is solely responsible for any errors or omissions in the information provided. The information contained in this article is provided for informational purposes only and is not intended to be investment or professional advice.