Flipster Crypto Weekly (May 16)

Crypto markets held steady this week despite a wave of surprising U.S. economic data. April’s Producer Price Index (PPI) fell by 0.5%, the largest drop since 2020 and well below the expected 0.2% increase. At the same time, initial jobless claims inched up to 222,000, while continuing claims fell to a two-month low of 1.84 million, pointing to underlying labor market strength. 

This combination—cooling inflation alongside a resilient job market—may prompt a shift in the Federal Reserve’s hawkish policy stance, potentially reducing the likelihood of further aggressive rate hikes.

Periods of monetary easing or dovish pivots have historically aligned with bullish momentum in risk assets, including digital assets, as improved liquidity and lower borrowing costs create a more favorable macro environment for both speculative and long-term capital flows.

Bitcoin (BTC)

Weekly performance: +0.71%

Year-to-date (YTD) performance: +11.13%

Bitcoin (BTC) continues to trade above the $100,000 mark after breaking past this key milestone last week. It is currently range-bound, hovering just below the resistance level at $106,000. BTC remains resilient, with buyers consistently stepping in on price dips—evident in the multiple long lower wicks seen throughout the week—indicating accumulation and underlying bullish sentiment.

Ethereum (ETH)

Weekly performance: +17.71%

Year-to-date (YTD) performance: -22.01%

After underperforming in recent weeks, Ethereum (ETH) is showing signs of a shift in momentum, with its latest outperformance signaling a potential change in character for the second-largest cryptocurrency by market cap. Despite a slowdown in momentum this week compared to last, ETH has held onto most of its recent gains—reinforcing the strength behind its upward move.

Solana (SOL)

Weekly performance: +4.85%

Year-to-date (YTD) performance: -8.91%

Solana (SOL) faced resistance at the $180 level, aligning with a previous resistance zone and the 200-day moving average (MA). Following the rejection, SOL has pulled back and found support at both the 10-day and 150-day MAs. If these moving averages continue to hold as support, a potential retest of the $180 resistance level could be on the horizon in the coming sessions.

Onyxcoin (XCN)

Onyxcoin (XCN) is among Flipster’s top movers today, surging over 30% in the past 24 hours at the time of writing. The token appears poised for a breakout following more than a month of sideways consolidation that began on April 11. However, XCN faces a strong overhead supply near the $0.02 level, where prices have repeatedly met resistance, evidenced by multiple long upper wicks forming in that zone.

Disclaimer: This material is for information purposes only and does not constitute financial advice. Flipster makes no recommendations or guarantees in respect of any digital asset, product, or service. Trading digital assets and digital asset derivatives comes with a significant risk of loss due to its high price volatility, and is not suitable for all investors. Please refer to our Terms.