Bitcoin price continues to stay above $67,000 as we start the third Sunday of May. This situation looks promising for altcoins for the upcoming week. If BTC maintains its current range, altcoins reclaiming key support levels may start attempting new highs.
Bitcoin (BTC)
The week we are ending has been extremely optimistic for cryptocurrencies after a long time. Despite high PPI data, US April inflation was reported low. Risk markets, panicked by the fear of additional rate hikes by the Fed, finally breathed a sigh of relief. Now, until the June 12 meeting, data from employment and other areas will be closely monitored.
Labor data is weakening, and the latest wage increase data also supported risk markets. Taken as a whole, with inflation data gradually weakening over a few months, the likelihood of the Fed tightening further and keeping rates high for a long time will significantly diminish.
On the other hand, data from the spot Bitcoin ETF front also supported Bitcoin this week. We are now seeing inflows, not outflows, on the GBTC front, pushing the total value of ETFs above $12.4 billion. If hundreds of millions of dollars of inflows can be seen again on the IBIT and FBTC fronts, we might experience an even more impressive repeat of the rapid rise period seen until mid-March.
Current State of Cryptocurrencies
In the past few days, LINK Coin has achieved the most notable gains among the largest altcoins. It became the second altcoin with the highest increase among the top 100 cryptocurrencies with a 22% gain. In the first place is Fantom (FTM), targeting the $1 threshold with a nearly 30% weekly increase. Meme coins like BNOK and FLOKI may also target new highs as they reclaim key levels.
SOL Coin is back above $174, and the $205 resistance level may be tested again. Despite their high market values, BNB and SOL Coin have been attempting ATH for months, but BTC price fluctuations have not allowed them.
