Price Action

• Bitcoin demonstrated positive price action with a climb from 102,400 to 103,700, briefly touching 104,200, accompanied by modest short liquidations of $1.7M and a slightly positive funding rate of 0.29 basis points. The overall market structure remains technically sound with BTC trading comfortably above all major moving averages.
• The cryptocurrency maintains strong support levels, with the 200-day SMA at 89,400 and additional technical supports below, while facing potential upside targets at 104,800 and the all-time high of 109,600, though a bearish scenario could see a retest of 90,000. The 30-day VWAP at 84,900 continues to provide foundational support for the current price action

• Notable movers today include WIF(+14.3%), MOODENG(+8.7%), DAR(-20.0%), LIT(-22.2%), DEGEN(+13.5%)

News Update

• U.S. markets responded positively to the U.S.-China 90-day tariff truce, with the S&P 500 rising 4.5% and Nasdaq gaining over 6% for the week.
• Housing data revealed building permits dropping 4.7% month-over-month due to high rates and tariff impacts on materials. Federal Reserve Chair Jerome Powell indicated that near-zero interest rates may not return.
• Charter Communications unveiled a $34.5 billion merger with Cox Communications, while ECB Governing Council member Martins Kazaks suggested the ECB is approaching the end of its rate-cutting cycle.
• U.S.-China trade tensions eased with a new truce agreement, while U.S. inflation data for April came in at 2.3%, below market expectations of 2.4%.
• Saudi Arabia committed $600 billion in investments during Trump’s Gulf tour, with Nvidia securing a deal for 18,000 AI chips. The U.S. dollar weakened and gold dropped over 2% to $3,188.
• Asian markets responded positively with Hong Kong’s Hang Seng rising 2.3% and China’s Shanghai Composite gaining 0.9%.
• U.S. inflation data came in below expectations, with CPI rising 2.3% year-over-year in April versus the anticipated 2.4%. UnitedHealth shares plunged 12% after suspending its 2025 outlook, impacting the Dow Jones.
• The U.S. and China agreed to a 90-day trade truce, with the U.S. reducing duties to 30% from 145% and China cutting tariffs to 10% from 125%. Goldman Sachs responded by cutting recession odds to 35% from 45% and raising its year-end S&P 500 target to 6,100.
• The S&P 500 and Nasdaq 100 turned positive for 2025 amid growing tech stock enthusiasm. The 10-year Treasury yield increased to 4.47% as market expectations shifted to September for initial Fed rate cuts.