Crypto Dominates The Headlines As Other Markets Expect Corrections

As per CoinGecko, the cryptocurrency market experienced a relatively positive week, as both Bitcoin and Ethereum stood resilient around crucial resistance levels. Notably, altcoins had a noteworthy period, displaying substantial increases that indicate potential further expansion in the immediate future.

Elsewhere, while the Fed approaches further rate hikes cautiously, Chairman Jerome Powell noted their readiness to act if needed. Notably, he did not declare policy settings sufficiently tight for the price stability goal outlined by the central bank.

Altcoins performing well

Among the top 20 cryptocurrencies, certain altcoins emerged as the most significant gainers of the week. Ethereum (ETH) has undoubtedly dominated the headlines as of late, as news of an Ethereum Spot ETF application put forth by BlackRock helped the second biggest crypto by market capitalization surge to reach over $2,100. 

Elsewhere, other altcoins like XRP, ADA, BNB, and SOL all experienced price increases as well, with BNB leading the charge at fourth place right behind Tether (USDT) and Ethereum. Beyond the well-established altcoins, other popular tokens like LINK, TON, and MATIC also recorded gains in their respective weekly charts. NEAR Protocol in particular was among the biggest winners of the week.

Bearish outlook remains

In the currency market, the United States Dollar (USD) rose in response to surging US Treasury yields which faced headwinds because of political issues and a gloomy Eurozone economic outlook. The Bank of England aims to appear resolute against rate cuts, but there is a neutral to bearish outlook.

In the energy market, oil bulls expect a modest positive correction considering geopolitical tensions and concerns about Iranian oil implications. Despite fears of an Iran-related embargo and weaker Asian demand, record-high US shale production suggests challenges to a sustained oil price rebound beyond the $78 to $80 range.

The Dollar Index may stay below 106, pushing the Euro towards 1.07. EUR/JPY could test 162 with a potential initial decline, while USD/JPY might face resistance at 152, signaling a likely downturn. The Australian Dollar is strongly bearish, anticipating a drop to 0.63. The Pound may experience a brief bounce but could eventually fall to 1.21. USD/CNY is expected to gradually rise while USD/RUB may slowly decline. Elsewhere, Dow Jones has fallen as the resistance level of 34200 has held. While below 34200, the outlook is bearish. DAX has the potential to test 15400-15500 before descending.