Market Overview: A Week of Surging Stocks and Modest Crypto Gains

Last week turned heads on Wall Street as the S&P 500 Index experienced a remarkable leap of 5.85%, marking its most astonishing performance since November 2022. What fueled this explosive uptick? The market breathed a sigh of relief, banking on the likelihood that the United States Federal Reserve would press pause on interest rate hikes. In contrast, Bitcoin (BTC) saw a more timid ascent, eking out a gain of around 2%. Still, the optimistic buzz surrounding equities could spark renewed enthusiasm within the crypto domain.

Bitcoin’s Flirtation with $35,000: Resistance or Breakdown?

As Bitcoin hovers near the formidable resistance level of $35,000, it’s hard not to feel a tingle of anticipation mixed with unease. The recent price action has carved out an ascending channel, which, while typically a bullish sign, can be a double-edged sword. If BTC slides below this channel, aggressive traders might rush to secure profits, leading to a dip towards the 20-day exponential moving average (EMA) at approximately $33,033. A bounce back could indicate strong bullish sentiment; however, a slip beneath the 20-day EMA could signal a possible drop to the support zone between $32,400 and $31,000.

Spotlight on Altcoins: Who’s Ready to Soar?

Although Bitcoin commands the spotlight, several altcoins are ready to break free from their slumber, thanks to BTC’s ripple effect. For instance, Cosmos (ATOM) showed a hearty response, breaking past $7.60 and suggesting a potential run-up to the $10 mark if momentum holds. Traders should keep their eyes on ATOM for signs of further bullish activity as it solidified its position above key support levels.

Uniswap and its Uphill Battle

On the Uniswap (UNI) front, the price hovered around $5 as sellers continued to pressure the market. A bullish crossover of moving averages indicates that buyers are still in play, but they need to firmly break above $5 to set sights on a rally towards $6. Failing to maintain this level could lead to a tumble to the critical support of $4.36.

Near Protocol: A Rising Phoenix?

Near Protocol (NEAR) has made headlines with a sharp rise despite facing resistance at $1.63. For the bulls, maintaining a price above this level could see NEAR rally towards $2. However, overbought conditions stipulate caution, and a dip below $1.63 would give bears a chance to regain control.

Axie Infinity’s Push for Dominance

Finally, Axie Infinity Shards (AXS) have been in a robust recovery phase, albeit not without pushback near the $6 mark. Buyers seem poised to push for a breakout and, if successful, could straightforwardly send AXS on its way to $6.55 and beyond. But traders beware! A slip below the 20-day EMA could spell trouble, leading to deeper corrections.