Stocks surge, altcoins give back their gains and dollar strength may push Bitcoin lower
2022.06.03 22:55
Stocks surge, altcoins give back their gains and dollar strength may push Bitcoin lower
Between May 23 and 27, the equities markets had an impressive run, with the tech-heavy NASDAQ (NASDAQ: QQQ) ETF up over 7% and the S&P 500 (NYSE: SPY) up over 6.50%. However, this week’ whipsaws in price action occurred throughout the week and while the J trade session is not yet over, the weekly candlesticks suggest a close near last week’s open.
QQQ weekly chart (NYSE). Source: TradingView
Currently, all major indexes face significant technical resistance levels above their present traded levels. Throw in thegrowing economic uncertainty and fears of a recession; the bounce may be limited.
Crypto total market capitalization weekly chart. Source: TradingViewOil futures weekly chart (NYMEX). Source: TradingViewWheat futures weekly chart (CBOT). Source: TradingView
