Markets were able to squeeze out a gain last week, ending a four-week losing streak for the S&P 500 and Nasdaq 100. After a bumpy Friday involving a big quarterly options expiration, bulls are looking to add to their gains this week.
That’s with Bitcoin and US stocks are rallying Monday. Can these “risk-on” assets continue to bounce amid a busy week of key reports?
On Tuesday, the consumer confidence report will drop at 10 a.m. ET. Consumer confidence has been a key focus for investors lately, as economic worries impact spending.
On Thursday, we’ll get the final GDP report for Q1 at 8:30 a.m. ET, with economists expecting a final figure of 2.3%. On Friday, we’ll get the PCE report, which is the Fed’s preferred inflation gauge.
The setup — Bitcoin
At least for now, Bitcoin has bottomed a bit before US stocks and has been slowly but surely gaining altitude. However, if that momentum continues, it will soon face a key test of potential resistance.
That’s as Bitcoin could test the declining 50-day moving average, prior support in the low-$90,000 range, and downtrend resistance (blue line). Some technical traders may prefer to draw their downtrend resistance a little tighter (so it aligns with the highs from early March and thus puts that resistance test into play near current levels).
Either way though, BTC has to clear all of these levels in order to see a dramatic rise in price and re-establish a longer-term uptrend.
Chart as of 8:00 a.m. ET on 3/24/2025. Source: eToro ProCharts, courtesy of TradingView.
If BTC does clear these measures, bulls will want to see these current resistance levels turn into support, re-establishing the bullish momentum and putting more potential upside in play.
If these areas are resistance though, shorter term traders may remain a bit cautious to see what levels re-establish themselves as support. That could potentially come from the $80,000 to $84,000 area and the 200-day moving average.
***
Disclaimer: Please note that due to market volatility, some of the prices may have already been reached and scenarios played out. Content, research, tools, and stock symbols displayed are for educational purposes only and do not imply a recommendation or solicitation to engage in any specific investment strategy. All investments involve risk, losses may exceed the amount of principal invested, and past performance does not guarantee future results.
Which stock should you buy in your very next trade?
With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Unsure where to invest next? Get access to our proven portfolios and discover high-potential opportunities.
In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record.
With portfolios tailored for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can explore various wealth-building strategies.
