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Stocks surge, altcoins give back their gains and dollar strength may push Bitcoin lower

Published 06/03/2022, 02:02 PM
Updated 06/05/2022, 04:20 PM
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: TradingView
Oil futures weekly chart (NYMEX). Source: TradingView
Wheat futures weekly chart (CBOT). Source: TradingView

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